A bill that aims to waive transaction fees for small amounts sent or received through e-wallets and electronic fund transfers has been filed in the House of Representatives.
Authored by Cagayan de Oro City Rep. Lordan Suan, House Bill No. 9749 would require e-wallet providers and electronic fund transfer service providers to waive transaction fees for small amounts under ₱1,000.
The bill, known as the Electronic Wallet and Electronic Fund Transfer Small Value Transaction Fee Waiver Act, aims to promote digital inclusion and “encourage wider adoption and usage of e-wallets among low-income and unbanked Filipinos.”
However, it also provides that fees may be charged for subsequent small-value transactions if the total exceeds ₱2,000 a day.
The bill is in line with the efforts of the Bangko Sentral ng Pilipinas (BSP) to waive the fee for small-value transactions to encourage more Filipinos to use digital payments and further promote financial inclusion in the country.
According to the BSP, the value of electronic fund transfers reached ₱1.83 trillion in the first two months of 2023, from ₱1.36 trillion in the same period in 2022. In addition, InstaPay transactions grew by 28.4%, while PESONet transactions grew by 14%.
The BSP also set a target of increasing the share of digital payments in the total volume and value of transactions to 50% by 2023.
Popular e-wallets in the Philippines include GCash, Maya, ShopeePay, GrabPay, and CoinsPH, among others.
Featured image: Unsplash
