The Bangko Sentral ng Pilipinas said some banks would waive fees for transfers made through its PESONet and InstaPay platforms until December 2021.
InstaPay transactons credited immediately and cover amounts of up to P50,000 daily while PESONet transfers are for transaction amounts higher than P50,000. PESONet will require several days to reflect on accounts, as processing depends per bank.
To help the public recover from the financial tolls of COVID-19 lockdowns, the BSP waived fees for InstaPay and PesoNet for majority of 2020.
Robinsons Bank will charge retail clients P1 for every InstaPay transaction until the end of the year.