BPI keeps InstaPay fee at P10

BANK of the Philippine Islands (BPI) has made permanent its reduced P10 transaction fee for interbank fund transfers done via InstaPay on its mobile application and online banking platform.

“We are committed to making banking more affordable to more Filipinos. The response to our promotion reducing InstaPay fee to P10 last March was very positive, as we experienced increased transactions through our online and mobile banking channels,” BPI Head of Consumer Banking and Executive Vice-President Maria Cristina “Ginbee” L. Go said in a statement on Monday.

“Making the P10 InstaPay fee permanent is part of our broader commitment to deliver convenient, secure, and cost-efficient digital services that empower Filipinos to manage their finances more effectively,” Ms. Go added.

The bank lowered the transfer fee as a promotional rate to encourage its clients to use its digital platforms for their transactions.

The move to make the reduced charge permanent “reflects BPI’s commitment to making digital financial services more affordable for its customers — offering one of the lowest transfer fees in the industry,” it said.

“By making the rate permanent, BPI supports greater financial inclusion and helps customers keep more of their money where it matters — especially when making frequent interbank fund transfers.”

InstaPay is a real-time, low-value electronic fund transfer facility for transactions up to P50,000 and is mostly used for remittances and e-commerce.

The total value of InstaPay transactions rose by 49% year on year to P3.13 trillion in the first four months of 2025, based on latest data from the Bangko Sentral ng Pilipinas.

The volume of transactions that went through the payment gateway more than doubled to 799.97 million in the period from 388.5 million a year prior.

BPI’s net income increased by 9% year on year to P16.6 billion in the first quarter.

Its shares rose by 70 centavos or 0.5% to close at P139.80 apiece on Monday. — Aaron Michael C. Sy