The Bangko Sentral ng Pilipinas (BSP) announced that more banks are expected to waive or reduce electronic transfer fees in the coming days after two lenders began offering free InstaPay transactions for their digital banking customers, Philstar Biz reported.
The central bank encouraged other financial institutions to follow suit, citing the benefits of promoting digital payments and reducing the cost burden on consumers. InstaPay, an automated clearing house for real-time low-value electronic fund transfers, currently charges a minimal fee per transaction, but some banks have opted to absorb the cost for their customers.
BSP Governor Eli Remolona said the move aligns with the central bank's push for financial inclusion and a cash-lite economy. He noted that further fee reductions could accelerate the shift from traditional banking channels to digital platforms, especially among unbanked and underbanked Filipinos.