GCash and Maya reduce the cost of InstaPay transfers to other banks to ₱10, effective Saturday, July 4, following a Bangko Sentral ng Pilipinas (BSP) directive. In separate announcements, both e-wallet providers say they are lowering their InstaPay fees to make interbank electronic fund transfers cheaper. Maya, the digital banking unit of PLDT’s Voyager Innovations, says its InstaPay fee drops from ₱15 to ₱10 for transfers to other banks. The move is part of a broader trend of financial institutions trimming transaction costs under the new BSP guidance. The updates align with the wider easing of fees for electronic fund transfers across the Philippines as operators adjust their pricing to comply with the directive. The changes apply to InstaPay transfers, which allow near real-time payments between participating banks and e-money providers. Both companies frame the adjustment as a response to regulatory requirements and a step toward lowering customer transfer expenses.
GCash and Maya cut InstaPay transfer fees to P10
GCash and Maya reduce the cost of InstaPay transfers to other banks to ₱10, effective Saturday, July 4, following a Bangko Sentral ng Pilipinas (BSP) directive. In separate announcements, both e-walle...
- GCash and Maya lower their InstaPay transfer fees to ₱10.
- The fee reduction takes effect Saturday, July 4.
- Maya’s InstaPay fee drops from ₱15 to ₱10 for transfers to other banks.
- The changes follow a BSP directive on electronic fund transfer pricing.
- Other financial institutions also reduce transaction costs as part of the same BSP guidance.
MANILA, Philippines – E-wallets GCash and Maya have both lowered their InstaPay transfer fees to P10, joining a wave of banks and financial institutions trimming transaction costs under a new Bangko Sentral ng Pilipinas (BSP) directive that took effect Saturday, July 4. Maya, the digital banking arm of PLDT unit Voyager Innovations, said it will […]...Keep on reading: GCash, Maya slashes InstaPay fee to P10
1 month agoDigital bank Maya is lowering its InstaPay transfer fee to other banks from P15 to P10, joining a growing number of financial institutions reducing the cost of electronic fund transfers.
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