BSP to set zero fees on P2 transfers, micro-merchant payments
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NewsTranscript
00:00The Banco Central ng Pilipinas, or BSP, is set to approve zero fees for person-to-person
00:05electronic fund transfers and micro-merchant payments to promote digital retail transactions.
00:11In a draft circular being shared with banks and non-banks, the central bank plans to remove
00:16fees on electronic fund transfers for personal transactions up to a certain transaction limit,
00:22as well as on payments made to micro-merchants. Upon approval of this circular, it will lift
00:27the current moratorium on raising Instapay and PesoNet fees, which has been in place
00:32since 2021.