The Bangko Sentral ng Pilipinas (BSP) has rolled out new rules to make it easier for small and informal merchants to join the digital payment system. Signed by BSP Governor Eli Remolona Jr., the circular aims to expand acceptance points and bring more sellers into cashless transactions.
Under Circular 1238, low-risk merchants can now be onboarded with fewer requirements. Sellers will only need a national ID or a valid government ID to start accepting digital payments. This move targets micromerchants and informal sellers who have a hard time joining formal financial platforms.
The BSP also introduced a pricing mechanism to keep transfer fees fair. The moratorium on fee increases for InstaPay and PESONet has been lifted, but providers must keep charges cost-based. Off-us transfers, or those between different banks and e-wallets, cannot be priced higher than on-us transfers plus switching costs.
Safeguards remain in place for consumers. Recipients of person-to-person transfers will still receive the full amount without deductions. E-payment fees must also stay lower than manual or over-the-counter transactions, ensuring digital payments remain the cheaper option.
Also Read: UnionBank partners with ECPay to make cash deposits easier
The BSP expects these changes to drive more businesses to adopt digital payments, increase transaction volumes, and make cashless transactions more accessible to everyday consumers.
