The Bangko Sentral ng Pilipinas (BSP) has clarified that it never required banks and electronic wallet providers to waive fees for digital fund transfers, according to a report by YugaTech.
The central bank's statement addresses confusion over whether financial institutions must offer free transfers. BSP noted that while it encourages affordable digital payments, charging fees remains a business decision for banks and e-wallets.
The clarification comes amid calls for cheaper digital transactions in the Philippines, where the BSP has been pushing for wider adoption of digital payments. Consumers are advised to check their banks' and e-wallets' fee schedules for transfer services.