Several Philippine banks and e-wallets are cutting or waiving fees for InstaPay and PESONet transfers, effective immediately, following new pricing regulations from the Bangko Sentral ng Pilipinas (BSP). This means lower costs and more savings for Quezon City residents on everyday digital transactions, making peer-to-peer payments and fund transfers more affordable. The fee reductions are part of compliance with BSP Circular 1238, which mandates reasonable and fair pricing for individual digital transactions, with some services now offering zero fees for certain transfers.
Background
InstaPay and PESONet are the two main retail payment systems under the National Retail Payment System (NRPS) of the BSP. InstaPay facilitates instant, low-value transfers, while PESONet is used for batch, high-value transactions. The BSP issued new circulars in June 2026 to promote more affordable digital payments across the Philippines.
Source: Philippine Star