GCash, PayMaya delay collecting bank transfer fees until Nov. 1

Mobile wallet services PayMaya and GCash moved its collection of bank transfer charges to November 1.

GCash earlier announced that it would impose bank transfer fees by October 1.

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“Starting Oct. 1, 2020, a fee will be charged per transaction,” GCash earlier said in a notice to users.

Bangko Sentral ng Pilipinas in August released a list of banks that would be waiving PESONet and InstaPay fees until September 30, 2020, only. They are the following:

  • Unibank, Inc.
  • Metropolitan Bank and Trust Company
  • Bank of the Philippine Islands
  • Rizal Commercial Banking Corporation
  • China Banking Corporation
  • Bank of Commerce
  • Robinsons Bank Corporation
  • Philippine Savings Bank
  • PayMaya Philippines, Inc.
  • G-Xchange, Inc. (GXI)
  • China Bank Savings, Inc.
  • Philippine Bank of Communications (extending its P1.00 fee due to system constraints)
  • Equicom Savings Bank, Inc.

Meanwhile, the following banks will be waiving e-money transfer fees until December 31, 2020:

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  • Union Bank of the Philippines
  • Asia United Bank Corporation
  • Land Bank of the Philippines
  • Development Bank of the Philippines
  • Security Bank Corporation
  • Sterling Bank of Asia, Inc.
  • Standard Chartered Bank
  • East West Banking Corporation
  • United Coconut Planters Bank
  • Maybank Philippines, Inc.
  • Hongkong and Banking Corporation (waived for retail; for corporate – reduced from P150.00 to P50.00 from July 1, 2020)

Until further notice:

  • Philippine National bank
  • MUFG Bank, Ltd.
  • CTBC Bank (Philippines) Corporation
  • Bank of China Limited – Manila Branch

Also read: DOTr-LTFRB partners with GCash digital payments for taxis, TNVS

GCash, PayMaya delay collecting bank transfer fees until Nov. 1

GCash and PayMay users accused the two companies of taking advantage of the pandemic COVID-19 pandemic after the central bank said digital transactions spiked during lockdowns.

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However, Vicente de Villa III, the managing director of BSP’s financial technology sub-sector, said the GCash and PayMaya have been proposing to collect bank transfer fees even before COVID-19.

“But as time went on, mayroon silang mga operating costs na kailangan ma-maintain. Alam niyo ho, ‘pag pumupunta tayo sa mga loading outlets, ‘di ba ang e-wallet nilo-load sa mga outlets, sa mga iba-ibang tindahan? Whether convenience store or saan man. Sinisingil ‘yun e. Sinisingil sila ng mga outlets na ‘to. Sinisingil ‘yung mga e-wallet providers,” De Villa said told ABS-CBN’s TeleRadyo.