Payments

BSP Maintains Fee Cap on InstaPay and PESONet, Pushes to Eliminate Cost

The Bangko Sentral ng Pilipinas (BSP) has decided to keep the current cap on fees for InstaPay and PESONet, two key electronic fund transfer systems.

PESONet facilitates batch electronic funds transfers while InstaPay offers real-time, low-value digital payment options.

Financial institutions that are part of the InstaPay and PESONet networks are required to adhere to the existing fee structure without any increases.

The BSP has also stipulated that any new fees for fund transfer services must receive prior approval and be reported 60 days before they are implemented.

Additionally, if a transfer fee was previously waived, it can only be reinstated up to the level previously reported to the BSP.

Monitoring and enforcement of these regulations fall under the purview of the Philippine Payments Management, which oversees PESONet and InstaPay operations.

BSP warned that non-compliance will be met with actions under the National Payment Systems Act and the New Central Bank Act.

A key focus for the BSP is to reduce or eliminate fees on small electronic payments, working closely with the payments industry. The suspension of InstaPay and PESONet fees will be reevaluated once zero fees for small e-payment transactions are implemented.

BSP said that this initiative is part of its commitment to fostering a cash-lite economy through competitive and transparent pricing mechanisms, particularly aiming to reduce digital payment fees for small transactions.

Eli Remolona

“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.

The reduction or removal of transfer fees for small e-payments supports our vision of digitalisation and inclusivity. We are engaging the industry through dialogue to explore ways to reduce or completely eliminate fees for small-value transactions,”

said BSP Governor Eli M. Remolona, Jr.