The Bangko Sentral ng Pilipinas (BSP) has temporarily suspended increases in InstaPay and PESONet fees for person-to-person funds transfers.
In a statement, the BSP said that banks and electronic money issuers (EMIs) participating in InstaPay and PESONet are not allowed to increase fees but may waive or reduce their current fees.
Participating banks and IMEs whose transfer fees are currently waived may again charge these fees at the level prior to this fee waiver, he added.
According to BSP Governor Benjamin Diokno, maintaining transfer fees at this time should boost the country’s post-pandemic recovery.
“Likewise, it would maintain the momentum achieved so far in the increased use of digital payments,” the central bank added.
By virtue of the issuance approved by the Monetary Board, said fees cannot be increased until pricing standards or guidelines have been issued by the Bangko Sentral ng Pilipinas (BSP) or after the volume of digital payments reaches 40%, whichever comes first.
At the height of the pandemic last year, the BSP said several InstaPay and PESONet participants, banks and IMEs, had waived transfer fees.
Some attendees went on to say that the large-scale waiver and imposition of these fees is expected to resume next year.
PESONet is an electronic batch funds transfer (EFT) which can be considered as an electronic alternative to the checks system.
Meanwhile, InstaPay is a low value real-time EFT for transactions up to P50,000 and is useful for e-commerce as well as urgent payment needs.
As part of BSP’s digital payments transformation roadmap, BSP aims to digitize 50% of total retail payments by 2023.