The country’s umbrella group for digital banks has defended member e-wallets that continue to impose transfer fees of at least P10, even as nearly all other financial institutions have reduced theirs to zero. In a statement reported by Philstar Biz, the group argued that the fees are necessary to sustain the cost of instant payment services and maintain the security and reliability of the digital wallet ecosystem.
The group explained that while zero-fee promotions are common among banks, e-wallets often operate on different cost structures, relying on transaction fees to cover infrastructure, fraud prevention, and customer support. Keeping the P10 fee, they said, allows smaller digital banks and wallet providers to remain viable without passing on hidden charges to consumers.
Industry observers note that the divergence in pricing highlights the broader competition between traditional banks and digital-first financial services. As most banks move to zero-fee transfers to attract deposits, e-wallets are betting that users will accept the nominal charge for the convenience and accessibility they offer, especially in underserved areas.