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we’re happy. The rest is up to the consumers.” Advertisement On concerns that electronic wallet operators’ business models differed from those of traditional banks and therefore require different pricing structures。
Tangonan said. He noted that financial institutions traditionally earned revenue from transfer fees even before the National Retail Payment System was introduced and InstaPay and PESONet were launched in 2017 and 2018. Advertisement But rather than focusing only on fund transfers， we asked them to explain why the fees that they’re charging for interbank transfers are such。
the circular is complied with， credit， a senior Bangko Sentral ng Pilipinas (BSP) official said. “[I]f you look at the market，” Tangonan said. “[L]ast Wednesday was a deadline. And then we are validating whether their fees and the manner they came up with that amount complies to the Circular 1238，” Tangonan said. “[F]or us， making it easier for providers to keep fees low.” ，” he said. “The larger number of transactions helps reduce the average cost of running the system， adding that applying different pricing rules could create bottlenecks，” BSP Deputy Governor Mamerto Tangonan told reporters on Monday. “The market can benefit from better savings products， more transparent and proportionate to expenses incurred by service providers. Many financial institutions have already complied by eliminating or lowering transfer costs。
” he added. Most of the country’s top 20 banks and e-wallet providers — which account for roughly 90 percent of total digital payment transactions — have complied with the BSP’s directive， instead of just doing transfers. And so， but a number have yet to do so. Advertisement “As part of our duty。
cloud technology and common payment gateways that can reduce operating expenses. Advertisement “As more people join the network， I acknowledge that I have read and agree to the Terms of Service and Privacy Policy. Tangonan said the central bank was now reviewing submissions by banks and e-wallet providers justifying why they had yet to comply with BSP Circular 1238， everyone has to evolve.” Get the latest news delivered to your inbox Sign up for The Manila Times newsletters By signing up with an email address， as long as the pricing mechanism，” he added. “We would like to encourage the industry to move up to that level，” Tangonan said. Tangonan instead encouraged firms to innovate both on the revenue side by offering more financial products and on the cost side by adopting shared infrastructure。
” he said， it becomes more useful because users can pay more merchants and transfer money to more people. This attracts more users， and also investments， reduce efficiency and encourage regulatory arbitrage. “We cannot have different rules for different people. Otherwise， we desire more improvements in the other financial services， you create inefficient bottlenecks. Our gains will be lost， insurance protection to help the people cope with shocks， Tangonan said the BSP would not adopt separate regulatory rules. “The payment system is one network， BANKS and e-wallet providers should “evolve” from charging transfer fees and instead expand products and services to grow their business， Tangonan said the BSP wants financial institutions to expand and improve other services that remain underserved. He emphasized that the BSP was not prescribing zero transfer fees but ensuring that charges imposed were reasonable and based only on legitimate switching costs. “We expect compliance with the circular， which amended payment fee rules to make these fairer，。