BSP updates list of banks, e-money issuers waiving PESONet, InstaPay fees

The Bangko Sentral ng Pilipinas (BSP) on Dec. 20 added four more banks and an e-money issuer that are waiving online transaction fees for PESONet and InstaPay until year-end.

Joining BSP's list last Oct. 4 are Bank of Florida and Country Builders Bank for PESONet, and Camalig Bank and East West Rural Bank for InstaPay.

The central bank has also included GrabPay with waived InstaPay fees until March 31, 2022.

InstaPay is an electronic fund transfer (ETF) service that allows users to send local funds between accounts in real time. PESONet, meanwhile, allows government, businesses, and individuals to conduct ETFs among banks within the same banking day.