Philippine Central Bank Reviews GCash and Maya InstaPay Fees

The Bangko Sentral ng Pilipinas is reviewing itemized cost breakdowns submitted by GCash and Maya for their P10 InstaPay transfer fees. As of July 17, at least 14 universal and commercial banks offered free transfers, including BDO, BPI, Metrobank, Landbank, UnionBank, and RCBC. Those banks account for about 90 percent of InstaPay volume.

GCash and Maya reduced their fees from P15 to P10 on July 4 and July 6, respectively. Both continue to charge P10 for transfers to other banks and wallets while keeping transfers within their own ecosystems free. BSP Deputy Governor Mamerto Tangonan said on July 20 that the central bank is combing through the submissions.

“If they’re able to explain it and justify that they’re directly associated with switching, so be it,” he told reporters. Tangonan said the BSP would write the institutions with its findings before making a final determination. Tangonan stated that the central bank does not want regulatory arbitrage between banks and e-wallets.

“Of course, we expect compliance with the circular,” he said. He noted that e-wallet apps have expanded to offer savings accounts, loans, and merchant services. If GCash and Maya want to keep the P10 interbank fee, they would need to charge about P8.50 for transfers within their own platforms, Tangonan said.

The review follows the BSP’s push to remove fee barriers that banks previously maintained between their apps.