The Bangko Sentral ng Pilipinas (BSP) announced that it will continue the moratorium on digital money transfer fees for InstaPay and PESONet. This decision reflects the central bank’s ongoing efforts to promote financial inclusion and digital adoption across the country.
InstaPay facilitates real-time electronic fund transfers between banks and e-wallets, while PESONet serves as an efficient option for bulk transactions—including government payments, loans, payrolls, and dividends. Both platforms will retain their current interbank transfer fee structure, following the BSP Monetary Board’s resolution dated December 7, 2021.
As part of its directive, the BSP confirmed that it will only lift the moratorium after the payments industry successfully implements zero fees for small-value e-payment transactions. Until then, digital users can continue to benefit from the existing fee setup.
Moreover, the BSP requires financial institutions that plan to introduce new fund transfer service fees to seek prior approval. They must also report these new charges to the BSP at least 60 days before rolling them out. Additionally, any previously waived transfer fee can only return at the same rate reported before the waiver took effect.
The BSP warned that it will enforce strict regulatory action against non-compliant institutions. These penalties fall under the scope of the National Payment Systems Act and the New Central Bank Act, ensuring accountability throughout the financial system.
This policy also brings good news to the online gaming community. Because players rely heavily on digital cash-in and cash-out services, the extended moratorium will help maintain low transaction costs. As a result, this may encourage more users to adopt digital payments and increase confidence in the broader online gaming ecosystem.
