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.
Sending money from PayMaya to PayMaya also remains free of charge.
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.
Grab users can also transfer available funds from their GrabPay wallet to their bank accounts and e-wallets.
The BSP earlier said that volume of InstaPay transactions during the ECQ in Luzon from March 17 to May 12 rose by 84%, while PesoNet transactions grew by 24%.
As of now, PayMaya is not charging any transaction fees for the service until further notice.
The BSP has given BSP-supervised financial institutions (BSFIs) not later than March 31, 2019 to ensure that all its frontline personnel have the necessary know-how to implement fund transfer services PesoNet and InstaPay.
Cashless transactions or electronic payment ratio in the Philippines have reportedly improved to as much as 10 percent in the first quarter of this year compared to just 3 percent three years ago.