BSP Aims to Lower or Waive Fees for Smaller E-Paymentsby Fintech News Philippines March 6, 2023
The Bangko Sentral ng Pilipinas (BSP) said that it will continue to work with banks to lower or waive transaction fees for smaller e-payments.
The regulator is looking to make financial digitalisation more inclusive in line with the BSP’s Digital Payments Transformation Roadmap 2020-2023.
The roadmap aims to convert half of retail payments volume into digital form and to onboard 70 percent of Filipino adults onto the formal financial system within this year.
“I am sure that the Bangko Sentral and our partners in the banking system will be able to find a cost-sharing system that excludes payments from fees, provided they are made below a certain number of transactions,”
BSP Governor Felipe M. Medalla said at the annual reception for the banking community hosted by the BSP at its Manila head office.
“One way to make digitalisation more inclusive is to make small transactions free of charge so that low-income households can be encouraged to use digital payments. If the value of the transaction is small and the charge is 15 pesos, for example, that fee is quite large relative to the transaction.”