The Bangko Sentral ng Pilipinas has introduced new rules aimed at making electronic payment fees fairer and more transparent, as reported by YugaTech.
The new regulations mandate that banks and e-wallet providers disclose all fees upfront, prohibit hidden charges, and ensure pricing structures are reasonable and non-discriminatory. This aims to promote broader adoption of digital payments by reducing cost barriers for consumers and small businesses.
The BSP's move comes as the Philippines pushes for a cash-lite economy under its Digital Payments Transformation Roadmap. Stakeholders have until a specified date to comply, with penalties for non-compliance. The policy is expected to foster competition and innovation in the digital payments space while protecting consumer interests.