The Bank of the Philippine Islands (BPI) announced that they will be waiving the InstaPay online transfers on small-amount transactions for a limited time.
BPI said that money transfers up to Php1,000 done via InstaPay will be free from July 5 until September 30, 2023. This applies to transfers to other banks and e-wallet services as well as settling payments to merchants and bills.
Despite being only temporary, the move was done a few months after the Banko Sentral ng Pilipinas’ (BSP) proposal to improve financial inclusivity in the country.
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Former BSP governor Felipe Medalla brought the idea in a forum by the Philippine Chamber of Commerce and Industry. Medalla said that they are “literally bribing the banks to subsidize the small transactions.”
The new announcement was also made alongside BPI’s move to encourage users to download and use its new mobile app.