The Bangko Sentral ng Pilipinas (BSP) has temporarily suspended the increases in InstaPay and PESONet fees for person-to-person fund transfers.
In a statement, the BSP said banks and e-money issuers (EMIs) participating in InstaPay and PESONet are not allowed to hike fees but may waive or reduce their current fees.
Participating banks and EMIs whose transfer fees are currently waived may charge these fees again at the level prior to such waiver of fees, it added.
According to BSP Governor Benjamin Diokno, maintaining transfer fees at this time is expected to boost the country’s post-pandemic recovery.
“Likewise, it would sustain the momentum achieved so far in increased digital payments usage,” the central bank added.
Under the Monetary Board-approved issuance, said fees cannot be increased until pricing standards or guidelines have been issued by the Bangko Sentral ng Pilipinas (BSP) or once the volume of digital payments reaches 40%, whichever is earlier.
At the height of the pandemic last year, the BSP said several InstaPay and PESONet participants, banks and EMIs alike, waived transfer fees.
Some participants continued said waiver and the full-scale imposition of these fees is expected to resume next year.
PESONet is a batch electronic fund transfer (EFT) that can be considered as an electronic alternative to the check system.
Meanwhile, InstaPay is a real-time, low-value EFT for transactions amounting up to P50,000 and is useful for e-commerce as well as urgent payment needs.
Under the BSP Digital Payments Transformation Roadmap, the BSP aims to digitalize 50% of the total retail payments by 2023.