#grab pay fees

Grab Philippines has just sent notice that starting June 6, 2022, GrabPay will be introducing convenience fees in its in-store cash-ins. Effective 6 June 2022, GrabPay cash-in transactions made through 7-Eleven stores will be subject to an additional two-percent (2%) convenience fee. Likewise, a PHP 15.00 convenience fee shall be applied to every GrabPay cash-in transaction made through over-the-counter stores such as SM Business Center, Robinsons Department Store, Cebuana Lhuillier, M. Users may still cash into their GrabPay wallet - FREE OF CHARGE, by linking their BDO, BPI, or UnionBank bank account to their wallet. The Bangko Sentral ng Pilipinas (BSP) has introduced new rules aimed at making electronic payment fees fairer and more transparent, while also lifting the moratorium on increases in InstaPay and PESONet transaction charges. 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 BSP said fees should reflect the actual cost of providing electronic payment services and should remain fair across different groups of users. 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. Read more in our articles including "GrabPay to charge fees for in-store cash-ins this June" and "Banks, e-wallets face new BSP rules on digital payment fees".