Bank of the Philippine Islands (BPI) will permanently eliminate transaction fees for digital fund transfers through InstaPay and PESONet starting July 1. The decision follows the Bangko Sentral ng Pilipinas’ (BSP) lifting of its cap on electronic payment pricing, BPI President Jose Teodoro K. Limcaoco confirmed on June 29.
The waiver will apply across BPI’s main digital channels, including its mobile application, BPI Online web platform, VYBE e-wallet, and BizKo platform for small businesses. According to the bank, the policy change will affect more than 9 million enrolled digital customers.
Regulatory Context and Business Impact
The move comes after the BSP lifted a five-year freeze on digital transfer fees, which previously barred supervised financial institutions from raising fund transfer costs. While the new policy grants lenders the flexibility to increase transfer rates, the central bank has urged commercial institutions to adopt fair, market-based pricing models.
BPI stated that its decision to eliminate the costs aligns with the regulator’s push for deeper integration of digital channels and broader financial inclusion. The bank noted that the fee removal is also timed near its upcoming 175th anniversary on August 1.
Customer Instructions
The permanent waiver will apply directly to both real-time InstaPay transfers and PESONet batch electronic fund transfer services.
To access the free electronic transfer services, BPI advised retail and corporate customers that they must update their mobile applications to the latest software version available on digital storefronts.
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This article is published on BitPinas: BPI to Waive InstaPay, PESONet Fees Permanently
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