BPI, GCash adopt InstaPay for cash-ins – BusinessWorld Online
BANK of the Philippine Islands (BPI) and GCash said all cash-in transactions will now be coursed through the InstaPay payment gateway by October.
“In line with the Bangko Sentral ng Pilipinas (BSP) directive to enhance interoperability and transparency in digital financial services, the Bank of the Philippine Islands is adopting InstaPay for all inter-institution cash-in transactions,” it said in a statement on Monday.
As a result, starting next month, BPI will charge a standard P15 service fee for all 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,” it said.
“This follows earlier implementations for ShopeePay and SeaBank in August, and will similarly apply to other apps as they comply with the BSP directive.”
BPI said its clients can opt for alternative options to save on transaction fees, such as using its app to transfer funds to GCash via InstaPay, which will continue to have a P10 fee.
“Select customer segments and merchant payments continue to enjoy free transfers,” it added.
Users can also open a BPI #MySaveUp account via the GCash app, as they can transfer funds from the BPI app to GSave without fees, which can then be used to top-up their GCash wallet.
For its part, GCash said it will not charge direct cash-in fees under the new InstaPay model. “However, partner banks may adjust their own service fees depending on their policies related to this shift.”
BPI’s net income was up 7.02% to P16.44 billion in the second quarter, bringing its six-month profit to P32.96 billion, up by 7.83% year on year.
Its shares went down by P1 or 0.89% to close at P111 apiece on Monday. — A.M.C. Sy
