Wise gains direct access to PH’s InstaPay and PhilPaSS Plus

This enables over 63% of all Wise transactions to be completed instantly, with an average fee of 0.62%.

Fintech firm Wise has been granted direct access to InstaPay, the Philippines’ real-time payment system, and can also directly settle with the Bangko Sentral ng Pilipinas’ (BSP) real-time gross payment system, PhilPaSS Plus.

Wise’s direct connection to InstaPay will also enhance the cross-border payment experience for nearly 13 million Wise customers worldwide and users of some of the world’s largest banks and financial institutions, such as Bank Mandiri, who offer their customers international payments through the Wise Platform.

The benefits include instant transactions when sending up to PhP50,000 (US$849.98) from 28 currencies, fast withdrawals, quick top-ups for the Wise account and card in the Philippines, and providing Wise platform partners to deliver efficient payment experiences.

With over 65 licenses globally and now six direct connections to domestic payment systems, this infrastructure enables over 63% of all Wise transactions to be completed instantly, with an average fee of 0.62%.

Wise has continued to invest in building direct connections to payment systems, starting with the UK in 2018, where Wise was the first non-bank to connect to the Faster Payment System (FPS).

That set the precedent for Wise to be granted direct access to payment systems in the EU in 2020, as well as Singapore and Australia in 2021.

Last month, Wise also received approval to join Japan’s domestic payment network, Zengin, and secured a Payment Institution licence to connect directly to Brazil’s instant payment system, PIX.

(PhP1 = US$0.017)