Filipino lender UPCB has introduced a new money transfer service. This will allow customers to make instant funds transfers to other bank accounts in the country.

Dubbed InstaPay, the new service will charge PHP25 ($0.48) for every payment. The maximum payment a customer can make per transaction has been capped at PHP50,000.

It is also available round-the-clock and the fund transfer service will be facilitated through UCPB Connect. This is the bank’s electronic banking services suite.

UCPB vice president and head of marketing group Charina Balanquit said: “InstaPay makes it possible for our clients to enjoy fast, safe, convenient, affordable and seamless transactions with participating banks and e-money issuers in the Philippines.

“The fund transfer service is geared more for retail payments such as domestic remittances, payments to service providers, e-commerce and peer-to-peer payments.”

Furthermore, the new service is said to be the first automated clearing house under the Filipino central bank’s National Retail Payment System (NRPS) framework, which aims to boost electronic payments.

“We see a rapid take-up of this service among our customers because it truly brings convenience like no other. Imagine being able to send funds to anyone in the country with a bank account, real-time. Again, we commend the BSP and participating banks for coming together and making this possible for our clients,” Balanquit noted.