MANILA, Philippines — Wouldn’t it be great if you didn’t have to shell out extra money when using digital payments to settle your electricity, toll fee, water or other merchant fees?
This, according to Bangko Sentral ng Pilipinas (BSP) Deputy Governor Mamerto Tangonan, is next on the banking regulator’s digitalization push. Earlier, the order to rationalize fund transfer fees created a bandwagon of banks (led by Bank of the Philippine Islands) waiving Instapay fees.
Like what it has done with money transfer fees, the BSP does not intend to force banks to waive payment fees for services, utilities and/or goods.
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All the BSP has to do is to standardize digital payment practices to enforce an often-overlooked rule.FEATURED STORIES
