BSP moves to lower digital payment fees, widen access for micro businesses

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The Bangko Sentral ng Pilipinas (BSP) has amended its e-payments framework to promote fairer and more transparent fees for digital transactions, in a move aimed at making electronic payments more affordable for Filipinos and small businesses.

Under Circular No. 1238 issued on June 17, 2026, the BSP said fees for person-to-person electronic payments across banks, e-wallet operators, and other payment service providers should not be materially different from fees charged for transactions within the same institution.

Since transfers within one bank or e-wallet are often free, the BSP said any difference in pricing should mainly reflect fees paid to the network switch operator.

BSP-supervised financial institutions will also be required to maintain an analysis of the costs involved in delivering electronic payment products and services. The central bank may require these institutions to present their cost analysis as part of its oversight activities.

BSP Governor Eli M. Remolona, Jr. said the measure is intended to encourage wider use of digital payments by lowering the cost barrier for consumers and businesses.

“Lower fees will encourage more Filipinos and businesses to use and benefit from digital transactions. The BSP sees this as a step toward making digital transactions even more mainstream. At the same time, greater adoption can help improve efficiency across the payments system, reducing costs for everyone,” Remolona said.

The move follows findings from the BSP’s Consumer Expectations Survey in the fourth quarter of 2025, which showed that one in three Filipino consumers consider high fees as a leading barrier to using digital payments more frequently.

The circular amends the National Retail Payment System Framework and the Regulatory Framework for Merchant Payment Acceptance Activities.

Aside from addressing digital transaction fees, the BSP also amended the framework to expand transaction points where users can make digital payments, a move seen to support the growth of the country’s digital payments ecosystem.

Under the circular, micro businesses such as sari-sari stores will be allowed to open an account using the National ID or any official document. The BSP said this could help more micro businesses accept digital payments and gain access to other financial services.

The latest policy update comes as the central bank continues to push for broader digital payment adoption in the Philippines, particularly among small merchants and consumers who remain sensitive to transaction costs.