BSP presses GCash, Maya on P10 transfer fees: Explain!
The Bangko Sentral ng Pilipinas (BSP) is investigating why major e-wallets GCash and Maya continue to charge transfer fees despite a broader industry shift toward free digital transactions. The central bank is currently reviewing cost breakdowns provided by the companies.
Why it matters
Regulatory oversight of digital payment fees directly impacts financial inclusion and the cost of living for millions of digital-first consumers.
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Composite of images from Maya Facebook/GCash Facebook
The Bangko Sentral ng Pilipinas (BSP) has spent July dismantling the fee barriers that banks once placed between their apps.
The campaign has worked surprisingly well. As of Friday, July 17, at least 14 universal and commercial banks were offering free InstaPay transfers, including BDO, BPI, Metrobank, Landbank, UnionBank, and RCBC. The top biggest banks already account for about 90% of transaction volume.
Now comes the elephants still standing in the payments room: GCash and Maya.
The country’s two biggest e-wallet brands continue to charge P10 for InstaPay transfers to other banks and wallets, even as transfers within their respective ecosystems (e.g. GCash-to-GCash or Maya-to-Maya) remain free.
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