Manila: Ayala-led Bank of the Philippine Islands (BPI) and GCash are set to adopt InstaPay for cash-in transactions beginning October 1. The move is in response to a directive from the Bangko Sentral ng Pilipinas mandating all online banks and e-wallets to use InstaPay, aiming to provide faster, safer, and more transparent fund transfers across the nation.
According to Philippines News Agency, BPI announced a standard PHP15 service fee for cash-in transactions executed via InstaPay, including those directed to GCash. This fee accounts for additional expenses such as clearing costs from BancNet, the designated clearing switch operator for InstaPay. However, customers transferring funds to GCash via InstaPay through the BPI app will only incur a PHP10 charge. Additionally, funds can be moved from the BPI app to GSave without any fees, and subsequently withdrawn to the GCash e-wallet. BPI highlighted that this transition aligns with regulatory standards while continuing to offer customers flexible and affordable financial management options.
In contrast, GCash disclosed in a separate advisory that it would not impose direct cash-in fees under the new InstaPay framework. Nonetheless, GCash noted that partner banks might adjust their service fees based on their policies concerning the transition. Customers are advised to consult their banks for transition schedules and updated service fees. GCash reaffirmed its commitment to maintaining safe, seamless, and affordable services while collaborating with partner banks and regulators to enhance customer experience.
