Central bank says account signups also increased as more Filipinos opened bank accounts through digital.
Free InstaPay and PESONet transfers continue to expand across major local banks.
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.
State-run lender becomes the latest bank to waive InstaPay and PESONet charges after similar moves by BPI and RCBC.
Banks earn from deposits while e-wallets cannot, which makes fees more material.
Digital banking transactions in the Philippines face new fee structures.
Regulators approve merger of operators behind major digital payment systems, paving the way for more efficient bank-to-e-wallet transactions.
