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Banks further waive PESONet, InstaPay fees

Some of the country’s banks further waived their fees for PESONet and InstaPay transactions to give their customers relief from the impact of the coronavirus disease 2019 (Covid-19) pandemic.

One of them, the Philippine National Bank, announced in a statement of Tuesday that it would waive them until March 31.

PNB President and Chief Executive Officer Wick Veloso said the extension aimed to encourage more customers to use digital banking channels.

“We see [that] digital banking is gaining ground as customers learn more about the benefits of these services,” he added.

China Banking Corp. also extended its waiver until end-March, saying it “continues to make banking easier and lighter in these challenging times.”

The Philippine Savings Bank likewise did the same for fees for PaSend, and InstaPay and PESONet interbank fund transfers made through its mobile app and online facilities until further notice.

The extension, the consumer banking arm of the Metrobank Group said, aims to “further encourage the bank’s customers to…send money to other banks for free, maximize the use of its reliable online banking facility, and utilize the powerful functionalities of its mobile application…”

PESONet is designed for high-value transactions of companies, businesses, government agencies, and individuals. It is the electronic alternative to transferring funds through checks. It has 67 BSP-supervised financial institutions as participants.

These transactions have reached P292.5 billion since its launch in November 2017. Volume-wise, transactions grew to 4.84 million transfers from 392,906 in November 2017.

InstaPay enables an account holder to transfer up to P50,000 a day, which is quickly credited to the receiving account in any participating financial institution. InstaPay is designed for urgent and small-value transactions.

Forty-one financial institutions now offer InstaPay, compared to the initial 16. InstaPay transactions rose to P144.4 billion from the P19.1 million when the platform was launched in April 2018. Volume-wise, these transactions surged to 26.29 million from 1,740 in April 2018.


Source: ManilaTimes
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