BSP to limit online payment fees – Manila Bulletin


BSP to limit online payment fees

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said they could put limits on the amount payment system operators (OPS) charge for their service.

During a webinar on Tuesday, September 28, hosted by the Management Association of the Philippines to discuss digital banking in the country, Diokno was asked if BSP plans to regulate service costs charged by OPS. These service costs that banks are charged by an OPS are ultimately passed on to consumers.

“We will place limits on the amount they can charge for costs,” Diokno said. “Just like our payment system, we place a limit on the amount that the institution or financial institutions supervised by BSP can charge, for example InstaPay and PESONet,” he added. InstaPay and PESONet are digital payment platforms for money transfers.

As defined by the BSP, an OPS can be collection service providers, bill payment service providers, and entities such as payment gateways, platform providers, payment facilitators, and merchant acquirers. that allow sellers of goods and services to accept payments, in cash or digitally.

The BSP has recognized that the performance of the OPS activity is sometimes linked to activities such as those carried out by electronic money issuers (EMIs) and money services businesses.

As of September 24, the BSP had registered 162 OPS. He started recording OPS in January of last year. PSOs are robot banks and non-banks.

PASB recently approved the PAHO Governance Standards guidelines for the smooth flow of funds between banks and IMEs. The new circular recognized that The OPS is crucial to maintaining public confidence in the financial system.




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