DIGITAL PAYMENTS. Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla says Friday (March 3, 2023) they are now in talks with banks and digital money service providers on the possible removal of fees for small financial transactions. Medalla said this will allow more people to save money while utilizing digital modes of payments. (PNA photo by Joey Razon)

MANILA – The Bangko Sentral ng Pilipinas (BSP) is in talks with the banks and other stakeholders on the possibility of exempting small financial transactions from payment of fees.

BSP Governor Felipe Medalla said transaction fees are among several problems as the country continues to widen access of more Filipinos to digital financial transactions.

“The banks said we have to work together but we are doing it as soon as possible,” he told journalists after the launching of the central bank’s tie-up with the Pasig City government for the implementation of the Paleng-QR PH Plus program.

Banks and other financial service companies that have license to offer digital money services currently do not collect fees if the transactions are done within their own firm.

Ang dream namin sa central bank e yung small transactions namin walang fees. Naghahanap pa rin kami ng solusyon and we’re working closely with the banks and all the other operators so that we can at least (address it) (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 said in his speech during the event.

Meanwhile, Medalla said Pasig City is the first local government in the National Capital Region (NCR) that has teamed-up with the central bank to promote electronic payments in their public markets and public transportation, particularly tricycle.

The Paleng-QR PH Plus program allows merchants in the city’s largest public market to accept digital payments through use of machine-readable quick response (QR) codes.

To date, other localities that have tapped the use of Paleng-QR Plus are the cities of Baguio, Davao, Tagbilaran, Naga and Lapu-Lapu.

Aside from helping consumers and merchants facilitate financial transactions, Medalla said the program also allows the BSP to generate savings from printing paper bills and minting coins. (PNA)