THE Monetary Board (MB) has issued a moratorium on increases in InstaPay and PESONet fees for person-to-person fund transfers.
Banks and e-money issuers (EMIs) participating in InstaPay and PESONet, however, may waive or reduce their current fees.
Meanwhile, participating banks and EMIs whose transfer fees are currently waived may charge these fees again at the level prior to such waiver of fees.
Under the MB-approved issuance, said fees cannot be increased until pricing standards or guidelines have been issued by the Bangko Sentral ng Pilipinas (BSP) or once the volume of digital payments reaches 40%, whichever is earlier.
At the height of the pandemic last year, several InstaPay and PESONet participants, banks and EMIs alike, waived transfer fees. Some participants continued said waiver and the full-scale imposition of these fees is expected to resume next year.
According to BSP Governor Benjamin E. Diokno, maintaining transfer fees at this time is expected to boost the country’s post-pandemic recovery.
Likewise, it would sustain the momentum achieved so far in increased digital payments usage. Under the BSP Digital Payments Transformation Roadmap, the BSP aims to digitalize 50% of the total retail payments by 2023.
PESONet is a batch electronic fund transfer (EFT) which can be considered as an electronic alternative to the check system. Meanwhile, InstaPay is a real-time, low value EFT for transactions amounting up to P50,000 and is useful for e-commerce as well as urgent payment needs.
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