Norobiik @[email protected]Dec 19, 2023

#MANILA, #Philippines – If you use #DigitalPayments a lot, you’ll be pleased to know that fees for #InstaPay and #PESONet aren’t going up anytime soon.

The Bangko Sentral ng Pilipinas (BSP) has maintained its cap on InstaPay and PESONet fund transfer fees, according to Monetary Board Resolution No. 1599.

Banks not allowed to raise InstaPay, PESONet fees – #Bangko
Sentral
https://www.rappler.com/business/banks-not-allowed-raise-instapay-pesonet-fees-bangko-sentral-pilipinas-resolution/

Banks not allowed to raise InstaPay, PESONet fees – Bangko Sentral

There is no definite period for the cap on transfer fees, although the central bank says it could be lifted once ‘zero fees are operationalized’ for small-value fund transfers

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Show thread거윈 🍉🌾Jan 12, 2023
@evelyn Basically, the BSP mandated all banks and #ewallet service providers to inter-operate with each other by using a common #QRph standard, piggybacking on #PesoNet and #InstaPay. In theory, consumers no longer need not maintain different apps or #eWallets to transfer funds to each other, but in reality, some consumers find the transaction fees a turn-off, especially if they do a lot of inter-wallet transactions.
Show thread거윈 🍉🌾Jan 9, 2023

Just now, I read that the #neobank #Komo that operates in the #Philippines offers one of the lowest fund transfer rates in the local market:
* 8 PHP via #instapay
* free via #Pesonet

Komo is the digital banking arm of #EastwestBank .

Also, In case you never heard, Eastwest offers one of the best forex rates, too.

거윈 🍉🌾Jan 7, 2023
Except for a handful, too many banks in the #Philippines charge very high transaction fees involving other banks, or #ewallets
How high? According to this [0] document, the actual cost of #instapay fees is only 3 PHP (0.05 USD) , and yet many charge consumers between 10 PHP up to 25 PHP **per** transaction.
As for #pesonet, I read elsewhere that their cost is even lower than 3 PHP.
[0]: https://bfaglobal.com/wp-content/uploads/2022/08/Highlights-emerging-from-Philippines.pdf