Competition to lower digital transfer fees is intensifying in the Philippine banking sector, with PLDT Inc.’s financial services arm Maya becoming the latest provider to reduce the cost of interbank transfers.
Maya said it will permanently reduce its outbound InstaPay transfer fee to ₱10 from ₱15 starting July 6. The lower fee applies to real-time transfers to other banks and e-wallets, while Maya-to-Maya and PESONet transactions will remain free.
The move follows similar announcements this week by Bank of the Philippine Islands and Rizal Commercial Banking Corp., both of which eliminated fees for certain retail electronic fund transfers.
Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. said on Friday he expects more financial institutions to reduce or waive transfer fees, citing the benefits of wider participation in digital payment networks.
Maya’s latest pricing adjustment aligns with the broader industry shift toward lower-cost digital payments as banks compete to attract and retain customers.
