The Bangko Sentral ng Pilipinas (BSP) is putting pressure on leading e-wallets GCash and Maya to justify their P10 transfer fees for interbank transactions. This scrutiny arises as traditional banks have significantly reduced or eliminated similar fees.
BSP's Expectations for Compliance
Of course, we expect compliance with the circular.
Mamerto Tangonan, BSP Deputy Governor
As of July 17, 2026, major banks like BDO, BPI, and Metrobank have switched to offering free InstaPay transfers, accounting for about 90% of transaction volume. In contrast, GCash and Maya still impose a P10 fee, despite reducing it from P15 earlier this month.
- GCash fee cut from P15 to P10 on July 4, 2026.
- Maya implemented the same reduction on July 6, 2026.
BSP Deputy Governor Mamerto Tangonan noted that both companies have submitted detailed cost breakdowns to the BSP. He emphasized the need for these e-wallets to justify their fees, which could still be subject to review and potential regulatory changes.
Tangonan stated, "If they’re able to explain it and justify that they’re directly associated with switching, so be it." However, he cautioned that the review process would take time and would not yield immediate results.
E-Wallets and Regulatory Compliance
The BSP is concerned about regulatory arbitrage, where e-wallets might exploit different fee structures compared to banks. Tangonan insisted that e-wallets should adhere to the same regulations to maintain fairness in the financial ecosystem.
As the landscape evolves, GCash and Maya must consider their options carefully, which include lowering fees or restructuring them in alignment with the BSP's guidelines.
With both companies exploring profitability ahead of potential stock market listings, their decision on transfer fees could significantly impact their financial strategies and user satisfaction.