Philippine Banks, E-wallets Cut Digital Transfer Fees Amid BSP Rule Tightening
Technology

Philippine Banks, E-wallets Cut Digital Transfer Fees Amid BSP Rule Tightening

Philippine banks and e-wallets are reducing or waiving fees for InstaPay and PESONet transfers following stricter regulations on digital transaction pricing by the Bangko Sentral ng Pilipinas (BSP). This move aims to encourage greater adoption of digital payments.

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  • BSP Summons Banks, E-wallets Over High Transfer Fees

    The Bangko Sentral ng Pilipinas (BSP) has summoned several banks and e-wallet operators to explain their persistent high electronic fund transfer fees, even as many institutions are waiving charges. The BSP emphasizes that fees should be cost-based and transparently disclosed.

  • Palace Urges Banks to Cut Transfer Fees, Boost Financial Inclusion

    The Office of the President has urged all banks in the Philippines to reduce or eliminate transfer fees, following the lead of state-run Land Bank. This initiative aims to remove barriers to financial access and promote financial inclusion amidst increasing competition in the digital payments market.

  • UnionBank Waives InstaPay Transfer Fees, Boosting Customer Benefits

    Union Bank of the Philippines announced it will waive fees for InstaPay transfers starting July 7, expanding its lineup of "zero fee" services which already include PESONet, intra-bank transfers, and bill payments.

  • Landbank, NCSC Formalize Digital Cash Gifts for Centenarian Beneficiaries

    The National Commission of Senior Citizens (NCSC) and Landbank of the Philippines have signed a supplemental agreement formalizing the nationwide digital distribution of cash gifts under the Expanded Centenarians Act. This allows eligible senior citizens, aged 80 and above, to receive their incentives through electronic payment channels.