Continued Regulation: BSP Maintains Instapay, PESONet Fee Ceilings

(source: Associated Press)

The Bangko Sentral ng Pilipinas (BSP) announced that it will continue to waive digital money transfer fees for InstaPay and PESONet, according to Monetary Board Resolution No. 1599.

There is no specific time limit for the maximum amount that can be charged as transfer fees. However, the central bank has stated that this limit may be removed once all banks and non-banks implement zero rates on small e-payment transactions.

InstaPay and PESONet are two electronic payment services that make sending and receiving money in the Philippines more accessible and convenient. InstaPay is ideal for transferring money between banks and e-wallets. Meanwhile, PESONet is an excellent option for sending money to multiple recipients, including government payments, loan and dividend payouts, and payrolls.

By keeping fees low or eliminating them, BSP aims to encourage Filipinos to adopt digital financial services and use digital payment channels.

“The reduction or removal of transfer fees for small e-payments supports our vision of digitalization and inclusivity. We are engaging the industry through dialogue to explore ways to reduce or completely eliminate fees for small-value transactions,” shared BSP Governor Eli Remolona Jr.

Written by
Tech Beat Philippines

Tech Beat Philippines is the social media news platform for all things technology. It is also a part of the GEARS section on Daddy's Day Out.

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