As of yesterday, the Bank of the Philippines Islands (BPI) is making the PHP 10 InstaPay transfer fee permanent. For reference, it went down from PHP 25 for inter-bank fund transfers made via BPI’s mobile app.
In other words, the previous standard offering has gone down. BPI made this decision as they deemed it a “strong demand” from their users. Initially, the price decrease came from a promotional period.
Addressing this was Maria Cristina Go, BPI’s Head of Consumer Banking. She said that “The response to our reduction of the InstaPay fee last March was very positive. We experienced increased transactions throughout online and mobile banking channels”.
The reduction was implemented to encourage BPI customers to use digital platforms for real-time transfers. Now, this move has undoubtedly resonated with users.
BPI lowering their transfer fee is part of the company’s vision to provide convenience, security, and cost-efficient digital services. It also paves the way to improve digital banking experiences while offering affordable options for Filipinos to manage finances better.
What do you guys think of the BPI PHP 10 InstaPay fee? Let us know what you think in the comments below!