The Bangko Sentral ng Pilipinas (BSP) has issued new rules requiring banks, e-wallet operators, and other payment service providers to keep digital transaction fees fair, transparent, and more affordable for consumers.
Under Circular No. 1238, issued on June 17, 2026, the BSP directed payment service providers to ensure that fees for person-to-person electronic fund transfers across different institutions are not materially higher than transfers made within the same bank or e-wallet.
Transfers within the same bank or e-wallet are often free. Under the new policy, any fee difference for interbank or inter-wallet transfers should mainly reflect charges imposed by the network switch operator.
The BSP also required supervised financial institutions to maintain a cost analysis of their electronic payment products and services. The central bank may ask institutions to present these computations during oversight activities to determine whether their fees remain reasonable and transparent.
BSP Governor Eli Remolona Jr. said lower transaction fees would help encourage more consumers and businesses to shift to digital payments.
“Lower fees will encourage more Filipinos and businesses to use and benefit from digital transactions. The BSP sees this as a step toward making digital transactions even more mainstream. At the same time, greater adoption can help improve efficiency across the payments system, reducing costs for everyone,” Remolona said.
The circular follows the BSP’s Consumer Expectations Survey for the fourth quarter of 2025, which showed that one in three Filipino consumers considered high transaction fees a major barrier to using digital payments more frequently.
Circular No. 1238 amends the National Retail Payment System Framework and the Regulatory Framework for Merchant Payment Acceptance Activities to help build a more accessible and affordable digital payments ecosystem.
The BSP said the revised rules also aim to expand opportunities for small businesses to participate in the digital economy.
Under the new policy, micro businesses, including sari-sari stores, may open transaction accounts using a National ID or any other official identification document. This is expected to make it easier for small merchants to accept digital payments and gain access to other financial services.
The BSP said the measures form part of its broader push to promote inclusive digital finance while strengthening competition, efficiency, and transparency in the country’s payments system.