PSBank announced it will waive fees for InstaPay and PESONet transactions starting July 9, as reported by BitPinas. The move aims to promote digital payments and provide cost savings to clients.
The waiver applies to both individual and corporate accounts, covering all transfers made through the bank's online and mobile banking channels. Previously, fees ranged from PHP 10 to PHP 25 per transaction depending on the amount.
PSBank's decision aligns with the Bangko Sentral ng Pilipinas' push for greater financial inclusion and digitalization. Other banks have also reduced or removed similar fees in recent months to encourage cashless transactions.