Gcash, Maya reduce InstaPay tranfer fees

E-wallet GCash and digital bank Maya have lowered their fees on InstaPay transfers—the latest adjustments among financial institutions reducing transaction costs, in line with a Bangko Sentral ng Pilipinas (BSP) directive which took effect Saturday.

Maya, operated by PLDT’s digital arm Voyager Innovations, will charge only P10 per InstaPay transfer to other banks beginning Monday, down from P15, while transactions between Maya accounts and fund transfer service PESONet will remain free, the company said over the weekend.

Maya said the move aligns with its “continuing effort to make digital money movement simple, accessible, and affordable for more Filipinos, with free and lower-cost transfer options for everyday use.”

Ayala affiliate GCash on July 4 reduced fees for InstaPay transfers to P10 from the previous P15.

InstaPay, which allows real-time fund transfers of up to P50,000 per transaction, is widely used for retail purchases, e-commerce payments, toll fees and other everyday transactions. PESONet allows large-value fund transactions.

Earlier reductions

The reduced fees follow similar moves last week by a number of banks, ahead of BSP Circular No. 1238 which took effect on July 4.

The Bank of the Philippine Islands (BPI) waived InstaPay and PESONet transfer fees across its BPI, VYBE, BanKo and BizKo platforms, allowing customers to transfer funds to other banks and e-wallets free of charge.

Rizal Commercial Banking Corp. (RCBC) also waived InstaPay fees for the first 30 transfers each month, with a minimum transaction amount each of P100.

As early as May, state-run Land Bank of the Philippines lowered its InstaPay charge for person-to-person transfers to P8 from P15.

The BSP circular, issued last month, requires financial institutions to ensure “reasonable and fair market-based” transfer fees which are proportionate to the actual cost of providing the service.

“[This] pricing mechanism should be designed to uphold fairness across end-user groups,” the BSP said in its directive.

‘Milestone’

In a statement on Saturday, Finance Secretary Frederick Go said he was “hopeful that almost all digital transactions will soon be free of charge.”

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Go said BPI’s and RCBC’s efforts support the government’s move to make digital services more affordable and inclusive.

“We are encouraged that two major private banks have now followed suit, demonstrating how decisive government action can catalyze broader reforms that deliver tangible benefits to consumers,” he said.

“[This is] a milestone that will make digital payments cheaper, faster, and more convenient for every Filipino,” he added.

BSP said more banks are expected to implement similar fee waivers “in about two days.”

Before the circular calling for reduced fund transfers, BSP data showed the combined value of InstaPay and PESONet transactions rose by P13.1 trillion as of end-May, up nearly 44 percent from a year earlier.

During that period, transaction volume surged 192 percent year-on-year to 3.5 billion. —WITH A REPORT FROM NYAH GENELLE DE LEON