According to BusinessWorld Online, LANDBANK and UnionBank of the Philippines have waived fees on retail fund transfers, effective immediately. The move covers InstaPay and PESONet transactions, aiming to reduce costs for consumers and encourage digital payment adoption.
The fee waiver applies to transfers made through their mobile apps and online banking platforms. Previously, retail customers were charged up to PHP 25 per transaction. This aligns with the Bangko Sentral ng Pilipinas' push for a cash-lite economy, as digital payments continue to gain traction in the Philippines.
Industry analysts view the move as a competitive response to growing demand for affordable digital financial services. Other banks may follow suit to retain customers. LANDBANK and UnionBank expect increased transaction volumes despite the eliminated fees, benefiting both consumers and the broader retail sector.