The Bangko Sentral ng Pilipinas (BSP) said Tuesday it is keeping the caps on InstaPay and PESONet fees as part of its strategy to promote digital payments.
Under BSP Memorandum No. M-2021-071 dated Dec. 28, 2021, financial institutions that participate in the InstaPay and PESONet automated clearing houses should not increase their current fund transfer fees in line the BSP’s efforts to promote financial digitalization.
PESONet is a batch electronic funds transfer service that provides a viable alternative for checks and recurring payments, while InstaPay is a real-time, low-value digital payments facility that substitutes for cash transactions.
“The BSP encourages Filipinos to actively use their accounts for digital payments, savings and investments. The central bank is working with the industry to bring more of our countrymen into the fold of the formal financial system,” BSP Governor Eli Remolona Jr. said.
He said institutions planning to introduce fees for new fund transfer services should apply for BSP approval. These fees should 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, the BSP said.
The Philippine Payments Management Inc., the industry body that oversees the operation of PESONet and InstaPay, is tasked to monitor regulatory compliance of its members and promptly report any issues to the BSP for appropriate action.
Non-compliant members will be subject to the BSP’s supervisory and enforcement actions under the National Payment Systems Act and the New Central Bank Act, as amended.
The BSP said it would continue to work with the payments industry to lower or eliminate fees imposed on small electronic payments.
“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,” Remolona said.
The moratorium on InstaPay and PESONet fees would be lifted, subject to the BSP review, once zero fees for small e-payment transactions were implemented by the payments industry.
