BPI temporarily cuts InstaPay transfer fee

AYALA-LED Bank of the Philippine Islands (BPI) has lowered the interbank transfer fee under the InstaPay system in a bid to make digital transactions more accessible and cost-effective.

The bank, which was recently criticized for ending its "Load E-Wallet" service for the GCash and Maya apps, and instead charging P25 to move funds, said customers would only have to pay P10 from Friday up to May 31.

"By lowering the fee, BPI aims to make fund transfers even more accessible and cost-effective, encouraging more customers to embrace the ease and convenience of digital banking," it said in a statement.

The decision to charge the P25 fee, the bank said last month, "is to align with the National Retail Payment System Framework established by the Bangko Sentral ng Pilipinas and Philippine Payments Management Inc."