The Bangko Sentral ng Pilipinas (BSP) on Jan. 24 has updated its list of banks with waived online transaction fees for PESONet and InstaPay.
The BSP last December imposed a moratorium on the increase of fees for PESONet and InstaPay.
InstaPay is an electronic fund transfer (ETF) service that allows users to send local funds between accounts in real time.
PESONet, meanwhile, allows government, businesses, and individuals to conduct ETFs among banks within the same banking day.
The central bank wants transactions in the country to become primarily electronic by 2023 via its Digital Payments Transformation Roadmap.