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LIST: Banks that have extended the PESONet, InstaPay fee waiver
(Philstar.com) – September 30, 2020 – 8:45 pm
MANILA, Philippines – Dozens of banks have announced that they will extend the fee waiver for PESONet and InstaPay transactions beyond October 1 as initially scheduled.
According to a list provided by Bangko Sentral ng Pilipinas, China Bank, Bank of Commerce, China Bank Savings, Robinsons Bank and Philippine Bank of Communications are among the banks that will waive the fees until the end of the year.
PayMaya, GCash and Bank of Tokyo-Mitsubishi, Ltd. (MUFG Bank) will not apply fees until October 31.
Meanwhile, big banks BDO Unibank Inc. and Bank of the Philippine Islands will proceed to collect fees for money transfers before October 1.
Government-imposed lockdowns have accelerated Filipinos’ shift to cashless systems. Although they are encouraged to stay home to prevent the spread of the coronavirus, consumers made 21 million transactions using InstaPay and PESONet from January to June, up 196% year on year.
Transactions were valued at P340.9 billion, 92% more annually.
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