Metro Manila (CNN Philippines, December 19) – The Bangko Sentral ng Pilipinas (BSP) on Tuesday said it will retain the moratorium on digital money transfer fees on InstaPay and PESONet.
InstaPay is an electronic fund transfer service that allows customers to transfer money between banks and e-wallets while PESONet offers a substitute transaction for sending money to multiple recipients, which includes government payments, loan and dividends payouts and payrolls.
In a monetary board resolution dated Dec. 7, the BSP extended its 2021 order to financial institutions to maintain interbank transfer fees of both InstaPay and PESONet at their current level, in line with its efforts to promote financial digitalization.
https://www.bsp.gov.ph/Regulations/Issuances/2021/M-2021-071.pdf
“The moratorium on InstaPay and PESONet fees shall be lifted, subject to BSP review, when zero fees for small e-payment transactions have been implemented by the payments industry,\” the central bank said.
BSP also said financial institutions planning to present a new fund transfer service fee must first apply to get prior approval. These fees must also be reported to the BSP 60 days before implementation.
“A transfer fee that is currently waived may only be restored up to the amount reported to the BSP before the waiver,” BSP said.
Non-compaint financial institutions will be subject to the BSP’s supervisory and enforcement actions under the National Payment Systems Act and the New Central Bank Act, it added.
The Land Bank of the Philippines (LandBank) earlier waived its interbank transfer fees through InstaPay and PESONet for transactions amounting to ₱1,000.
