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BSP: Increase ATM fees to encourage e-transactions

BSP: Increase ATM fees to encourage e-transactions

SPECIAL adjustments in automatic teller fees (ATMs) should encourage the public to consider using other forms of banking transactions, such as electronic channels (e-channels), a senior central bank official said Wednesday.

"This development is [telling] the banking public to consider other channels as well. So, it can't just be an ATM. We have InstaPay [and] Pesonet, and later we will have the QR code, as well as retail payments, "Banco Central ng Pilipinas (BSP) Deputy Governor Fuci Fonassier said in a briefing.

PESONet and InstaPay are the two priority clearing houses, launched under the National Retail Payment System (NRPS), which is set up to transform the country's payment systems and increase retail e-payment transactions by 1 percent of total transactions. at 20 percent by 2020.

PESONet is an electronic money transfer payment system that is expected to provide an alternative to the still widely used paper-based checking system. The funds will be made available to the recipient's accounts on the same banking day or immediately after settlement.

InstaPay allows clients to transfer cash almost instantly between accounts held by BSP banks and non-bank electronic money issuers.

"I think our call to the public is also to have an open mind, given the electronic channels for (their) payment method," Jonassier said.
Her latest statement came amid concerns raised by some lawmakers about lifting the ATM taxi moratorium last month.

They warned that this could increase ATM charges from P15 to P30 for each interbank withdrawal from the current P10 to P15.

But Banco Central quickly made it clear that banks should provide regulatory approval before raising these fees.

“[B]surveys cannot raise ATM fees by themselves. In fact, any bank that intends to adjust ATM fees must submit its request to the BSP, stating their proposed fees, as well as the costs currently incurred by the bank in relation to its ATM activities, ”said Fonassier.

Pushing for further details, she told reporters that fewer than 10 banks have applied for ATM fee adjustments since lifting the moratorium.

Most of these banks charge higher fees, but their proposed fee does not exceed Q20, according to the official.

She noted that there were some applicants who wanted to reduce their fees to be more competitive than their peers.

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