Bill seeks to waive e-wallet and electronic fund transfer fees for small amounts

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

Bryan is a geek at heart and a tech enthusiast by choice. He has a strong background in corporate communications, marketing services, and customer relations having worked in the telecommunications and banking sectors for over two decades. In his spare time, he enjoys watching clips on YouTube and binge watching shows on Netflix.

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