MANILA, Philippines — Dozens of banks have announced they will extend the waiver of fees for PESONet and InstaPay transactions beyond October 1 as initially scheduled.
According to a list provided by the Bangko Sentral ng Pilipinas, China Bank, Bank of Commerce, China Bank Savings, Robinsons Bank, and Philippine Bank of Communications are among the banks that will waive fees until yearend.
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PayMaya, GCash and Bank of Tokyo-Mitsubishi, Ltd. (MUFG Bank) will waive fees until October 31.
Meanwhile, big banks BDO Unibank Inc. and Bank of the Philippine Islands will proceed with charging fees on money transfers by October 1.
Government-imposed lockdowns have accelerated Filipinos’ shift to cashless systems. While encouraged to stay home to prevent the spread of coronavirus, consumers made 21 million transactions using InstaPay and PESONet from January to June, up 196% year-on-year.
Transactions were valued at P340.9 billion, up 92% annually.