Quick Take: BSP Considers Subscription Fees for Digital Payments to Lower Costs
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The Bangko Sentral ng Pilipinas (BSP) is exploring the possibility of replacing per-transaction fees with subscription-based pricing for digital payment platforms. This move aims to reduce transaction costs and support financial inclusion.
A Quick Take delivers key facts fast—concise, clear, and easy to read. Perfect for busy readers.
Quick Take:
- Subscription Model: BSP Governor Eli Remolona Jr. described the current per-transaction fee model as suboptimal, emphasizing the potential benefits of a larger payment network supported by fixed subscription fees, Inquirer reported.
- Stakeholder Consultation: BSP is engaging with industry participants to develop a consensus on the proposed fee structure.
- Free Small Fund Transfers: A draft circular suggests making small fund transfers free, subject to thresholds set by the BSP. (Read more: BSP Governor Explores Eliminating Minimal Transfer Fees)
- Industry Resistance: Some banks expressed concerns about users splitting large transactions into smaller amounts to avoid fees, complicating the payment system.
Current Fee Landscape:
- InstaPay: Averages at ₱10 for personal accounts and ₱30 for corporate.
- PESONet: Fees vary between ₱8 and ₱600 for individual transfers.
- (Read more: What is InstaPay and PESONet Philippines?)
The initiative aligns with BSP’s broader goal of transitioning the Philippines to a cash-lite economy while addressing systemic issues in the digital payment ecosystem. (Read more: Cashless Transaction Rising in the Philippines)
This article is published on BitPinas: Quick Take: BSP Considers Subscription Fees for Digital Payments to Lower Costs
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