Philippines Lifts Freeze on Digital Transfer Fee Hikes. Will Prices Rise?
The Bangko Sentral ng Pilipinas (BSP) has lifted a nearly five-year freeze on increases in digital transfer fees. While this could lead to adjustments in InstaPay and PESONet charges, the BSP aims to reduce consumer costs and ensure fair pricing.
This article requires PRO
This article is outside the free access window or is a special report. PRO unlocks it and the full archive.
Related articles
- InstaPay, PESONet Transactions Top P13 Trillion by May, Reflecting Digital Shift
Transactions via InstaPay and PESONet in the Philippines surpassed P13.1 trillion by May, a nearly 44% surge year-on-year, highlighting a significant acceleration in the nation's shift towards cashless payments, according to the Bangko Sentral ng Pilipinas (BSP).
- eGovPH App Sees 700% Transaction Surge, Accelerating Digitalization Drive
The Philippines' Department of Information and Communications Technology (DICT) eGovPH app has recorded over 800 million transactions and 56 million downloads, highlighting the rapid adoption of digital government services by Filipinos. This performance significantly exceeds initial projections and bolsters the Marcos administration's digitalization agenda.
- BSP Eases Onboarding, Addresses Fees to Boost Digital Payments for Informal Sellers
The Bangko Sentral ng Pilipinas (BSP) is easing onboarding requirements and addressing transfer fees to encourage more small and informal merchants to adopt digital payments, aiming for wider electronic transaction usage across the country.
- eGovPH App Usage Soars 700%, Processes Over 800 Million Transactions
The Philippines' integrated e-government app, eGovPH, has seen a 700% surge in usage over the past year, processing over 800 million transactions. While the app, downloaded 56 million times, enhances public convenience, its rapid growth has strained the platform, leading to temporary service interruptions.