#digital wallet PH

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. The Department of Social Welfare and Development (DSWD) is moving toward digital payouts for the next round of cash aid for public utility vehicle (PUV) drivers. The agency recently held a virtual summit with banks, e-wallet providers, and electronic money companies to speed up the process. DSWD said digital payouts provide a faster and safer method to distribute aid, which requires less work than traditional cash distribution through manual over-the-counter distribution. Read more in our articles including "BDO Pay now accepted across SM shopping and retail outlets" and "Banks, e-wallets face new BSP rules on digital payment fees".