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June 23, 2024

BSP sets standards for transparent pricing in e-payment services

The Bangko Sentral ng Pilipinas (BSP) has introduced new guidelines with the aim of fostering transparent and equitable pricing for electronic payments (e-payments) offered by both banks and non-bank institutions.

The regulations mandate BSP-supervised institutions (BSIs) to establish clear pricing structures for e-payment services provided to consumers. This includes steering clear of collusive practices and adopting competitive pricing strategies while ensuring cost recovery.

According to the BSP, pricing policies should be formulated to protect consumers and promote financial inclusion in the Philippines. BSIs are obligated to disclose fees and charges associated with e-payment transactions, providing transparent explanations for these charges.

These guidelines are an extension of the current BSP regulations, like the National Retail Payment System (NRPS) Framework and the Financial Products and Services Consumer Protection Act.

The aim is to nurture a landscape for e-payments nationwide that is both consumer-centric and competitive.

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