The central bank is reviewing institutions that have yet to comply with its lower transfer fee policy as it pushes for more affordable digital payments and wider financial inclusion.
Central bank says account signups also increased as more Filipinos opened bank accounts through digital.
Users speculate after the app’s free transfer counter disappears, fueling hopes the digital bank will remove transfer limits.
BDO and PSBank begin offering free InstaPay and PESONet transfers on July 9, while Security Bank follows on July 10, joining a growing list of banks waiving interbank transfer fees.
Customers can send money to other banks and e-wallets for free through eligible RCBC Pulz and all DiskarTech person-to-person transactions as competition in digital banking intensifies.
The move removes InstaPay and PESONet fees for millions of users and raises questions on how banks will price digital transactions moving forward.
