BPI to make InstaPay, PESONet transfers free starting July 1. Will other banks follow?

The Bank of the Philippine Islands (BPI) is set to eliminate fees for InstaPay and PESONet transactions starting July 1, a move that could reshape the landscape of digital banking in the country. Previously, BPI app users paid P10 for InstaPay and P50 for PESONet transfers. This decision could prompt other banks to reconsider their own transaction fee structures, potentially leading to broader industry changes and more competitive banking services. The shift signifies a significant step toward more accessible and cost-effective financial services for consumers.