Starting Wednesday, Oct. 1, Bank of the Philippine Islands (BPI) adopted InstaPay for all its inter-institution cash-in transactions for a P15 fee as part of efforts to enhance interoperability of digital financial services in the country.
The Ayala-backed bank said the standard service fee would also apply to transfers to affiliate e-wallet platform GCash.
‘This transition ensures compliance with regulatory standards while continuing to offer customers flexible and affordable ways to manage their finances,’ BPI said in a statement. Standard fee
BPI earlier implemented the same fee for ShopeePay and SeaBank. This will likewise apply to other applications as they comply with a Bangko Sentral ng Pilipinas directive.
Currently, fund transfers made to GCash via the BPI app carry a P10 fee, although select customer segments and merchant payments enjoy free transfers.
Meanwhile, clients with BPI #MySaveUp accounts in GCash also benefit from zero fees for funds transferred from the BPI app to GSave.