If you’re frustrated with failed transactions using PESONet and InstaPay, the BSP ensures everyone that refunds will be much quicker soon. Recently, the BSP has approved new guidelines on how financial institutions should act in case a PESONet or InstaPay transaction fails to push through.

Starting January 2025, failed InstaPay transactions should be returned to the sender’s account within one hour, while failed PESONet transactions should be returned within two hours. Do note that the new time limits for refunds apply to transactions that were rejected, returned, or timed out.

For comparison, it currently takes around two to three banking days for failed transactions to be refunded.

Aside from the faster refund times, the BSP also said that senders should not be charged any fees in case of unsuccessful transactions–the fees collected by financial institutions should be returned to the sender. Despite these guidelines, everyone should be extra careful in conducting fund transfers, as BSP’s new policy does not cover unauthorized or wrong transactions. 

Aside from proposing faster refund times, the BSP also requires financial institutions to notify senders accurately on the status of their fund transfers with periodic notifications–on top of informing senders that their transaction is successful.

This latest move is part of BSP’s push to make cashless transactions more convenient. Before this, they have proposed to waive fees for transactions amounting to Php 1k or lower.