BSP Revises Digital Payment Rules to Lower and Standardize Transaction Fees
The Bangko Sentral ng Pilipinas (BSP) has updated its electronic payments framework to encourage lower, more transparent digital transaction fees among Philippine banks, e-wallets, and payment providers. According to a circular issued on June 17, fees for interbank person-to-person electronic transfers must align closely with internal transfer fees. Any variance should primarily account for operational costs paid to network switch providers like BancNet (for InstaPay) and the Philippine Clearing House Corporation (for PESONet).
Central bank-supervised institutions are now mandated to maintain detailed cost analyses of their electronic payment services, which the BSP may review as part of its regulatory oversight.
BSP Governor Eli M. Remolona, Jr. noted that reducing fees is expected to drive more widespread adoption of digital transactions among consumers and businesses, ultimately enhancing efficiency and lowering overall payment system costs. This regulatory adjustment follows the BSP’s Q4 2025 Consumer Expectations Survey, which revealed that one-third of Filipino consumers cited high transaction fees as a major deterrent to using digital payments.
The new circular amends the National Retail Payment System Framework and the Regulatory Framework for Merchant Payment Acceptance Activities, while also broadening digital transaction points. Furthermore, micro-businesses—such as sari-sari stores—can now open financial accounts using only a National ID or other official documentation, a step aimed at accelerating digital payment acceptance and broader financial inclusion for small merchants.
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