Waiver of Fees for PESONet and InstaPay

 

BSP Governor on the waiver of fees for PESONet and InstaPay

The BSP is actively pushing for the use of digital payments now as part of a safe and convenient payment system. My goal is to have half of all financial transactions — in volume and value — should be in digital form by the end of my term which is midyear 2023. With the quantum jump in the use of digital payments during the lockdown, I’m confident that this goal would be achieved sooner. (Benjamin E. Diokno) – BSP Governor

The following banks extend the waiver of fees for PESONet and InstaPay until December 31, 2020:

  • UnionBank
  • Asia United Bank
  • Land Bank of the Philippines
  • Development Bank of the Philippines
  • Security Bank
  • Sterling Bank
  • Standard Chartered Bank
  • HSBC (waived for retail; for corporate: reduced from Php150 to Php50 from July 1, 2020)

The following banks extend the waiver of fees for PESONet and InstaPay until September 30, 2020:

  • BDO
  • Metrobank
  • Bank of the Philippine Island
  • RCBC
  • China Bank
  • PNB (until further notice)
  • Bank of Commerce
  • Robinsons Bank
  • PS Bank
  • Paymaya
  • GXI
  • China Bank Savings

Source: @BangkoSentral via Philippine Payments Management Inc.

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