Maya announced it will reduce its InstaPay transfer fee to other banks from P15 to P10, effective soon, as reported by Philstar Biz. The digital bank joins a growing list of financial institutions lowering the cost of electronic fund transfers in the Philippines.
The fee cut follows similar moves by other banks and digital wallets, reflecting increased competition and efforts to promote cashless transactions. InstaPay, operated by BancNet, allows real-time transfers of up to P50,000 per transaction.
Lower transfer fees are expected to benefit millions of users who rely on digital payments for daily transactions, further accelerating the shift away from cash. Maya, formerly PayMaya, continues to expand its services as a fully licensed digital bank.