The circular also covers the required turnaround time to return the funds to the sender’s account for fund transfers not received by the beneficiary. These periods are significantly shorter than the current response time of financial institutions which usually takes around two to three banking days.
Local lender Metrobank announced that it is waiving InstaPay fees for transactions worth P1,000 and below until June 30, 2024 when using its new mobile app.
The Bangko Sentral ng Pilipinas (BSP) said the combined value of PesoNet and InstaPay transactions went beyond P5.37 trillion during the first seven months of 2022, a 43-percent increase from the values recorded during the same period last year.
The waiver of fees, previously extended only until March 31, 2021, covers online fund transfers facilitated through Landbank’s online banking channels via InstaPay and PesoNet.
Digitalization has benefited Filipinos especially during the pandemic, Bangko Sentral ng Pilipinas (BSP) governor Benjamin Diokno said on Friday, Feb. 19.
In his speech during...
BSP governor Benjamin Diokno said that if the multiple daily clearing of PesoNet transactions works smoothly, then the central bank will allow clearing for these transactions on weekends and holidays.
The Bangko Sentral ng Pilipinas (BSP) has unveiled its Digital Payments Transformation Roadmap 2020-2023, which charts the central bank’s current initiatives and strategy in advancing a digital payments ecosystem.
As some banks are set to resume collecting online transaction fees via InstaPay on Thursday, Oct. 1, Sen. Francis "Kiko" Pangilinan has asked the government to suspend or reduce these fees until the end of the Covid-19 pandemic.
