Several banks and e-wallet providers in the Philippines have reduced or completely waived fees for InstaPay and PESONet transfers, following new pricing guidelines from the Bangko Sentral ng Pilipinas (BSP). Philstar Biz reported that the regulator’s updated rules aim to lower digital transaction costs and promote financial inclusion.
Among the institutions that have adjusted their fees are major universal banks, digital banks, and popular e-wallets. Some have set lower fixed rates per transaction, while others offer a certain number of free transfers monthly. The changes apply to both InstaPay, which processes real-time small-value payments, and PESONet, which handles batch transfers often used for larger amounts.
The fee reductions are expected to encourage more Filipinos to adopt digital payments, especially for everyday transactions. With lower barriers to use, the BSP hopes to accelerate the shift away from cash and further advance the country’s digital economy goals.