Banks, e-wallets told to explain high transfer fees

The Bangko Sentral ng Pilipinas (BSP) has summoned several banks and e-wallet operators this week to explain why their electronic fund transfer fees remain high or unchanged, according to a report by Philstar Biz.

The regulatory move comes even as more lenders have begun waiving InstaPay and PESONet charges, raising questions about why other institutions have not followed suit. The BSP is expected to demand justifications for the fee structures and may push for further reductions to promote digital payments.

Industry observers note that high transfer fees could hinder financial inclusion, a key goal of the central bank. The outcome of the summons could influence future regulations on electronic fund transfer pricing in the Philippines.