The Bangko Sentral ng Pilipinas (BSP) is exploring a fixed, one-time subscription fee model to enable zero fees for digital wallet transactions. BSP Governor Eli Remolona Jr. believes this approach addresses network externalities more effectively than transaction-based charges. Discussions are underway with key players like GCash and Maya to determine the specifics of this model.
THE Bangko Sentral ng Pilipinas wants a fixed, one-time subscription fee model to support zero fees for digital wallet transactions.'There's a fundamental issue. It's not about the fees per transaction. I think that's the wrong model. Because of what we call network externalities, there should be a subscription fee, which is fixed rather than a fee per transaction. So, we're still trying to figure out how exactly to do that,' BSP Governor Eli Remolona Jr.
Other banks and nonbank institutions provide free InstaPay services, while others impose charges ranging from P8 to P25 per transaction.A total of 78 supervised financial institutions currently offer the InstaPay service: 22 big banks, 19 thrift banks, 15 rural banks and five digital banks. Some 17 nonbank financial institutions are part of InstaPay as e-money issuers.
Digital Wallets Subscription Fees Transaction Fees BSP Fintech
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BSP prodding GCash, Maya on subscription fee systemTHE central bank is now more partial to a subscription fee instead of per transaction fees when sending funds via digital platforms, even prodding the two biggest digital payment operator to adopt a new system.
Read more »
Weather Disruptions and Higher Utilities Fuel Inflation in December 2024According to the Bangko Sentral ng Pilipinas (BSP), weather disturbances disrupting supply chains and increased utility costs likely contributed to faster inflation in December 2024. The BSP forecasts average inflation between 2.3% and 3.1% for December, with full-year inflation averaging 3.2%. The BSP attributes the upward price pressures to higher food prices due to supply disruptions and increased electricity and petroleum prices. However, these pressures are expected to be partially offset by lower prices for agricultural commodities like rice.
Read more »
Polymer bills will focus on endangered species, says BSPThe Bangko Sentral ng Pilipinas confirmed Friday that images of Philippine heroes have been removed in the new series of polymer banknotes but will remain
Read more »
PH stocks rebound on bargain-hunting as BSP hints of another rate cut in 2025Philippine stocks ended the week in the green, after a seven-day losing streak on bargain hunting. The benchmark Philippine Stock Exchange index (PSEi)
Read more »
BSP continues monetary easing with 25-basis-point cutLatest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »
BSP Cuts Key Interest Rate to Stimulate GrowthThe Monetary Board of the Bangko Sentral ng Pilipinas (BSP) lowered its key interest rate by 25 basis points to 5.75 percent, aiming to boost economic growth while keeping inflation within the target range. This decision follows the US Federal Reserve's recent rate cut. The BSP also adjusted rates on overnight deposit and lending facilities. While inflation is projected to remain within target, risks remain, including potential increases in transport and electricity costs.
Read more »