According to a report from YugaTech, Bank of the Philippine Islands (BPI) will permanently remove transfer fees for InstaPay and PESONet transactions made through its digital channels starting July 1.
The move aims to promote digital payments and reduce the cost of online transactions for customers. BPI's decision follows similar initiatives by other banks in the Philippines to encourage the use of electronic fund transfers.
InstaPay and PESONet are widely used for real-time and batch transfers, respectively, and the removal of fees is expected to benefit millions of BPI account holders. The bank has not announced any changes to fees for other channels.