BSP’s plan to remove fees in financial deals, welcomed
Mayor Benjamin Magalong has lauded the recent pronouncement of Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla on the possible removal of fees for small online financial transactions saying this will benefit cashless payment users and will encourage more people to adopt the digital payment system.
The mayor said the imposition of transaction fees especially when using two different financial service providers (FSP) is one factor discouraging people from adopting the digital system as alternative mode of payment in public markets and transportation as envisioned in the Paleng-QR program of the BSP, Department of the Interior and Local Government and local government units.
“For example, one customer bought an item worth only P10 or paid his fare for P12 and he will be charged P15 service fee because he and the merchant were using different providers. It does not make sense,” the mayor said.
“So I would like to support Governor Medalla’s statement to exempt small transactions like purchases worth P500 and below from these fees especially interoperability transactions. I am really hoping that this will get off the ground for the sake of fast-tracking our digitalization program, online payment system and Paleng-QR program aside from sparing the public from the burden of paying those extra expenses,” he added.
Medalla reportedly revealed said they were “in talks with banks and digital money service providers on the possibility of exempting small financial transactions from payment of fees” as a means to “widening access of more Filipinos to digital financial transactions.”
“Our dream is for small transactions to be exempted from paying transaction fees. We are still looking for a solution and we’re working closely with the banks and all the other operators so that we can at least address it,” Medalla was quoted by government media as saying in one Paleng-QR program launching event recently. – Aileen P. Refuerzo