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Bacolod City, Philippines Wednesday, August 5, 2020
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Banks waive PESONet, InstaPay fees

 

Some 13 financial institutions and digital payment firms are waiving their PESONet and InstaPay transaction fees until end-September this year while 11 banks will do it until yearend.

In a statement yesterday, the Bangko Sentral ng Pilipinas (BSP) released an updated list of banks that are waiving fees for electronic money (e-money) transactions in line with the regulators’ “call to strengthen the use of digital payments to help curb physical payment transactions amid the Covid-19 pandemic.”

Banks that will waive PESONet and InstaPay transaction fees until end-September this year are BDO Unibank Inc. Metrobank, Bank of the Philippine Island, Rizal Commercial Banking Corp., Chinabank, Bank of Commerce, Robinsons Bank, PSBank, China Bank Savings, Philippine Bank of Communications, which is also extending the P1 fee due to system constraints, and Equicom Savings Bank Inc.

The statement said PayMaya Philippines and G-Xchange Inc. are also extending the fee waiver until end-September.

Relatively, banks that will not collect PESONet and InstaPay transaction fees until the end of this year include the Unionbank, Asia United Bank Corporation, Landbank, DBP, Security Bank, Sterling Bank of Asia Inc., Standard Chartered, EastWest Bank, UCPB, Maybank, and Hong Kong and Shanghai Banking Corporation (HSBC), which waives the fees for retail customers and reduces the fees from P150 to P50 for corporate clients.

The BSP said Philippine National Bank, MUFG Bank Ltd., and Bank of China-Manila branch have yet to announce their decision on the fee waiver.

Digital payments in the country posted a big jump following the implementation of the enhanced community quarantine (ECQ) in mainland Luzon from March 17 until May 15 and extended until end-May for the National Capital Region.

Other local governments outside of Luzon also implemented community quarantines to address the rise of coronavirus disease (Covid-19) infections.

BSP Governor Benjamin Diokno said the rise of e-money transfers and e-money payment transactions since mid-March makes monetary authorities confident of hitting their goal to have about 70 percent of adult Filipinos to be part of the formal financial system, by having at least basic deposit accounts, by 2023.

He earlier said that about 3.8 million deposit accounts were opened during the ECQ in line with the government’s social amelioration program (SAP) while about 4 million accounts were opened digitally between March 17 and end-April.*PNA

 

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