The Bangko Sentral ng Pilipinas (BSP) has introduced new rules aimed at making digital transactions more affordable by promoting fair and transparent pricing for electronic payment services.
Under Circular No. 1238, issued June 17, 2026, the BSP directed banks, e-wallet operators, and other BSP-supervised payment service providers (PSPs) to ensure that fees for person-to-person electronic fund transfers across different institutions are not materially higher than transfers within the same institution.
Transfers between accounts within the same bank or e-wallet are often free. Under the new rules, any additional charge for interbank or inter-wallet transfers should mainly reflect fees paid to the network switch operator, such as BancNet for InstaPay and the Philippine Clearing House Corp. for PESONet.
The circular also requires BSP-supervised financial institutions to maintain a cost analysis of their electronic payment products and services. The BSP may review these analyses as part of its supervisory and oversight activities.
BSP Governor Eli M. Remolona Jr. said lower transaction fees could encourage more Filipinos and businesses to embrace digital payments.
"Lower fees will encourage more Filipinos and businesses to use and benefit from digital transactions. The BSP sees this as a step toward making digital transactions even more mainstream. At the same time, greater adoption can help improve efficiency across the payments system, reducing costs for everyone," Remolona said.
The amendments respond to findings from the BSP's fourth-quarter 2025 Consumer Expectations Survey, which found that one in three Filipino consumers considers high transaction fees a major barrier to using digital payments more often.
The circular updates both the National Retail Payment System Framework and the Regulatory Framework for Merchant Payment Acceptance Activities (RFMPAA).
In addition to revising pricing rules, the BSP expanded the ways small businesses can join the digital payments ecosystem.
Under the new guidelines, microbusinesses, including sari-sari stores, may now open transaction accounts using a National ID or another acceptable official document. The BSP said the change will make it easier for more microenterprises to accept digital payments and gain access to other financial services.
The BSP said both amendments are designed to accelerate the growth of the country's digital payments ecosystem while making electronic financial services more accessible and affordable for consumers and small businesses. PR
