GCash, Maya slashes InstaPay fee to P10

MANILA, Philippines – E-wallets GCash and Maya have both lowered their InstaPay transfer fees to P10, joining a wave of banks and financial institutions trimming transaction costs under a new Bangko Sentral ng Pilipinas (BSP) directive that took effect Saturday, July 4.

Maya, the digital banking arm of PLDT unit Voyager Innovations, said it will charge P10 per InstaPay transfer to other banks starting Monday, down from P15. Transfers between Maya accounts and through PESONet remain free.

“[This move] aligns with our continuing effort to make digital money movement simple, accessible and affordable for more Filipinos, with free and lower-cost transfer options for everyday use,” Maya said in a weekend statement.

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Ayala-led GCash made the same cut on July 4, dropping its InstaPay fee from P15 to P10.

InstaPay enables real-time transfers of up to P50,000 and is commonly used for retail purchases, online shopping, toll payments, and other everyday transactions. PESONet, by contrast, handles larger-value transfers.

Other institutions already moved

The GCash and Maya adjustments follow similar fee cuts announced last week by several banks ahead of BSP Circular No. 1238, which took effect July 4:

The Bank of the Philippine Islands (BPI) waived InstaPay and PESONet fees entirely across its BPI, VYBE, BanKo, and BizKo platforms, letting customers send money to other banks and e-wallets at no cost.

Rizal Commercial Banking Corp. (RCBC) waived InstaPay fees for a customer’s first 30 transfers each month, provided each transfer is at least P100.

READ MORE: InstaPay, PESONet fee hikes now allowed but BSP sets limits

Land Bank of the Philippines moved earlier, in May, cutting its person-to-person InstaPay fee to P8 from P15.

What the BSP circular requires

The BSP circular, issued last month, requires banks and e-money issuers to keep transfer fees “reasonable and fair market-based” and proportionate to the actual cost of providing the service — a standard regulators say is meant to keep digital payments affordable as cashless transactions become the norm for everyday Filipino consumers. / Logan Kal-El Zapanta, Nyah Genelle De Leon

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