Ayala-led Bank of the Philippine Islands (BPI) and GCash will adopt InstaPay for cash-in transactions starting Oct. 1 this year.
In separate statements, BPI and GCash said the adoption is in line with the Bangko Sentral ng Pilipinas’ directive for all online banks and e-wallets to adopt InstaPay, ensuring faster, safer, and more transparent fund transfers across the country.
BPI said it would implement a standard P15 service fee for cash-in transactions made via InstaPay including those to GCash.
The fee covers additional expenses, including clearing costs from BancNet, the designated clearing switch operator for InstaPay.
BPI, however, said customers transferring funds to GCash via InstaPay using the BPI app would only be charged P10.
Those who want to enjoy zero charges may open a BPI #MySaveUp account via the GCash app with no maintaining balance.
Funds can be transferred from the BPI app to GSave at zero fees, and then withdrawn to the GCash e-wallet.
“This transition ensures compliance with regulatory standards while continuing to offer customers flexible and affordable ways to manage their finances,” BPI said.
No charge
In a separate advisory, GCash said it would not charge direct cash-in fees under the new InstaPay model.
GCash, however, said partner banks may adjust their own service fees depending on their policies related to the shift.
It advised its customers to check with their banks for transition schedules and updated service fees.
“We remain committed to keeping our services safe, seamless, and affordable, while working with partner banks and regulators to serve you better,” GCash said.
GCASH PHOTO