Philippine lenders are racing to cut retail digital transaction fees to zero, with China Banking Corp (Chinabank) and EastWest Banking Corp becoming the latest banks to waive charges amid a regulatory push to digitize the country’s cash-heavy economy.
Chinabank removed fees for InstaPay and PESONet transfers on July 9 across its mobile and online platforms, while EastWest said its own zero-fee policy will take effect on July 15.
The moves follow a central bank push to lower transaction costs that have long hindered wider adoption of digital payments.
Before the fee waivers, banks typically charged between P10 and P15 per transfer.
The Bangko Sentral ng Pilipinas aims to raise the share of retail payments made through digital channels to 70% by 2028.
