#digital payments

According to the BSP, the decision follows the implementation of zero fees for small merchant payments and the establishment of a pricing framework for person-to-person electronic fund transfers. The central bank also emphasized that digital payment fees are expected to be lower than charges for manual or over-the-counter transactions because electronic channels are generally more efficient and cost-effective to operate. The BSP said the new framework supports its broader goal of promoting digital payments, financial inclusion, and innovation while ensuring adequate consumer protection and regulatory oversight. Finance Secretary Frederick Go also expressed support for lower digital transaction costs, noting that some transfer fees can still reach as high as PHP 50. Go said discussions with industry stakeholders are ongoing to explore ways of reducing costs further, adding that consumers should ideally only shoulder switching fees associated with digital transactions. The BSP said the updated rules aim to create a more sustainable pricing environment for digital payments while ensuring consumers continue to have access to fast, secure, convenient, and affordable electronic fund transfer services. Visa has announced the launch of Garmin Pay in the Philippines, allowing users of compatible Garmin smartwatches to make contactless payments using supported Visa cards. Transactions use Visa’s tokenization technology, which replaces card details with digital tokens to help reduce fraud risks. Read more in our articles including "Banks, e-wallets face new BSP rules on digital payment fees" and "Visa enables Garmin Pay in the Philippines".