#bsp small transactions

The Bangko Sentral ng Pilipinas (BSP) has said that it wants banks to remove fees incurred from small bank-to-bank transactions, as a means to encourage more users to transition to online payment methods and digital banking. As reported by ABS CBN News, BSP Governor Felipe Medalla said that the BSP has been in talks with the Bankers Association of the Philippines to find ways of subsidizing transactions of around Php 200 to Php 500. Medalla said that the Php 15 to Php 20 fees that are normally added on top of a specific bank transaction may "discourage the use of digital payments for small transactions." Digital bank transfers usually make use of Electronic Fund Transfers or EFTs, which allow users to transfer money to another bank or e-wallet from just their smartphone. BSP Governor Medalla said that the fees for small transactions act as "second or third payments" on top of each transaction that a person is already making. In any case, we do hope banks are able to offer fund transfers with smaller (if not completely without) bank transfer fees and we're happy that the BSP itself is taking steps to encourage more people to use digital payment systems. The Bangko Sentral ng Pilipinas (BSP) is taking a stand against slow refunds and unfair fees for failed PESONet and InstaPay transactions. Read more in our articles including "BSP wants bank fees for small transactions removed" and "BSP speeds up refunds from failed InstaPay, PESONet transactions".