PESONet, or Philippine EFT System and Operations Network, is an electronic funds transfer (EFT) service that enables users to transfer funds between local banks and non-bank e-money issuers in the Philippines. Launched in 2018 by the Bangko Sentral ng Pilipinas (BSP), it is part of the central bank's initiative to promote a "cash-lite" economy.
FAQs
Q1: What is PESONet?
PESONet, or Philippine EFT (electronic fund transfer) System and Operations Network, is an electronic funds transfer service that allows users to transfer funds between local banks and non-bank e-money issuers in the Philippines. Most banks and e-wallets in the Philippines are participants of the PESONet rails.
Q2: How does PESONet work?
PESONet operates on a batch processing system. Transactions are accumulated and processed at specific times within the day, rather than in real-time. Once processed, the funds are credited to the receiver's account.
Q3: When will my PESONet transaction be processed?
Transactions made before 10AM on a banking day will be processed by 11AM;
Transactions made before 4PM will be processed by 5PM.
Transactions made on a non-banking day (holidays, weekends, etc.) will be processed on the next banking day.
Please note that when sending money from your PayMongo account, the receiving bank or e-wallet might have its own processing, and funds may be credited later based on their schedule.
Q4: What happens if a transaction fails?
If a transaction fails (for example, if the recipient’s bank account does not exist, or the receiving account is not a PHP account), the funds will be returned to your PayMongo account and no further action is necessary.
You will not be charged for a failed transaction.
Q5: Are there any limitations to using PESONet?
Yes, PESONet operates on a batch processing system, so transactions are not processed in real-time. Additionally, each bank or e-money issuer may have different cut-off times for PESONet transactions.
Q6: Is PESONet safe to use?
Yes, PESONet and PayMongo are both regulated by the Bangko Sentral ng Pilipinas (BSP), ensuring that they are secure and reliable.
Q7: Can I use PESONet for international transactions?
No, PESONet is designed for local transactions within the Philippines only.
Q8: Which banks and e-wallets can I send money to using PESONet?
For a complete list of PESONet participating banks and e-wallets, view them here.
Q9: What can I use PESONet for?
You can use PESONet to send funds for a variety of purposes, including, but not limited to, the following:
Personal Transfers: You can use PESONet to send money to family or friends who have accounts with any participating bank or e-money issuer in the Philippines.
Bill Payments: Many service providers accept payments via PESONet. You can pay your utility bills, credit card bills, insurance premiums, and more using this service.
Salary Disbursement: Businesses can use PESONet to disburse salaries to their employees, regardless of where their bank accounts are held.
Supplier Payments: Businesses can also use PESONet to pay their suppliers. This can be particularly useful for businesses that deal with multiple suppliers across different banks.
Government Transactions: Some government agencies accept payments via PESONet. This can be used for paying taxes, fees, and other charges.
E-commerce Payments: Some online retailers accept payments via PESONet. This allows customers to pay for their purchases directly from their bank accounts.
Q10: Can I cancel a PESONet transaction?
Once funds are transferred, PESONet transactions are considered final.
To learn more about PesoNet, click here.
For inquiries and concerns regarding transactions, please contact [email protected].