MANILA - Digital wallet providers GCash and Maya are currently assessing the feasibility of waiving fees on micropayments, as per an announcement by a top Bangko Sentral ng Pilipinas (BSP) official on Friday. This evaluation aligns with the BSP's initiative to boost digital payment usage by eliminating fees on small-value transactions.
According to Philippines News Agency, the proposed fee waiver would apply to transactions worth PHP1,000 and below. This initiative is a response to BSP Governor Eli Remolona Jr.'s call to further encourage the use of digital payments. Tangonan mentioned that several banks have already complied with this request. During the GoDigital Pilipinas Cashless Expo 2023, Maya head of acceptance and SME Richard Labitag and GCash head of public sector and partnerships Cathlyn Pavia discussed their ongoing internal reviews regarding the impact of such a waiver on their platforms. The expo, part of the BSP's Digital Payments Transformation Roadmap, aims to promote digital payment solutions and financial inclusion. The roadmap's objectives include digitizing 50 percent of all retail payment transactions this year and ensuring 70 percent of Filipino adults are financially included.