House bill waives e-wallet fees for small-value transactions

RG Cruz, ABS-CBN News

<p>MANILA — Cagayan de Oro 1st District Rep. Lordan Suan wants all e-wallet and electronic fund transfer service providers operating in the Philippines to waive fees for small-value transactions, saying that will encourage wider adoption and increase financial inclusion.<br/> <br/>Suan filed House Bill 9749 of the proposed "Electronic Wallet and Electronic Fund Transfer Small Value Transaction Fee Waiver Act" for the purpose and defined small-value transactions those involving P1,000 or less.</p><ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/business/11/17/23/e-money-now-used-by-4-out-of-10-filipinos-bsp'>E-money now used by 4 out of 10 Filipinos: BSP</a></li></ul><p>The bill seeks the waiver of fees for transactions like sending money between e-wallets, depositing and withdrawing from e-wallets, and transferring funds from an e-wallet to a bank account.</p><p>Some banks have waived fees for transfers to e-wallets for a limited time in response to calls from the Bangko Sentral ng Pilipinas to do so for financial inclusion in a country where millions remain unbanked.<br/> <br/>Under Suan's bill, fees are waived for a total of P2,000 in small-value transactions. Fees will apply to small-value transactions beyond that.<br/> <br/>The bill also seeks to empower the Bangko Sentral ng Pilipinas to adjust the amount set for small-value transactions and the daily cumulative limit depending on the cost of living, current exchange rate and inflation rate.</p><ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/video/business/05/16/23/digital-banking-unlocks-new-trends-deposit-interest-rate-shopping'>Digital banking unlocks new trends, deposit 'interest rate shopping'</a></li></ul><p>The bill also mandates transparency and disclosure of all fees and charges.<br/> <br/>"E-wallets offer a convenient and affordable alternative to traditional banking. Waiving fees for small transactions will encourage wider adoption among low income individuals, increasing financial inclusion and economic growth," Suan said in his explanatory note. </p><figure class='op-interactive'><iframe allow='autoplay; fullscreen' frameborder='0' height='100%' id='ivsplayer01' scrolling='no' src='https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&key=e8c22c015ca9eafa76f1e3edfa03c603&spid=3001339&vid=2898205' width='100%'></iframe></figure><div class='iwantbar'>Watch more News on <a href='https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news' target='_blank'>iWantTFC</a></div>

<ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/video/business/05/16/23/digital-banking-unlocks-new-trends-deposit-interest-rate-shopping'>Digital banking unlocks new trends, deposit 'interest rate shopping'</a></li></ul><p>The bill also mandates transparency and disclosure of all fees and charges.<br> <br>"E-wallets offer a convenient and affordable alternative to traditional banking. Waiving fees for small transactions will encourage wider adoption among low income individuals, increasing financial inclusion and economic growth," Suan said in his explanatory note. </p><figure class='op-interactive'><iframe allow='autoplay; fullscreen' frameborder='0' height='100%' id='ivsplayer01' scrolling='no' src='https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&key=e8c22c015ca9eafa76f1e3edfa03c603&spid=3001339&vid=2898205' width='100%'></iframe></figure><div class='iwantbar'>Watch more News on <a href='https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news' target='_blank'>iWantTFC</a></div>

<p>The bill seeks the waiver of fees for transactions like sending money between e-wallets, depositing and withdrawing from e-wallets, and transferring funds from an e-wallet to a bank account.</p><p>Some banks have waived fees for transfers to e-wallets for a limited time in response to calls from the Bangko Sentral ng Pilipinas to do so for financial inclusion in a country where millions remain unbanked.<br> <br>Under Suan's bill, fees are waived for a total of P2,000 in small-value transactions. Fees will apply to small-value transactions beyond that.<br> <br>The bill also seeks to empower the Bangko Sentral ng Pilipinas to adjust the amount set for small-value transactions and the daily cumulative limit depending on the cost of living, current exchange rate and inflation rate.</p>

<p>MANILA — Cagayan de Oro 1st District Rep. Lordan Suan wants all e-wallet and electronic fund transfer service providers operating in the Philippines to waive fees for small-value transactions, saying that will encourage wider adoption and increase financial inclusion.<br> <br>Suan filed House Bill 9749 of the proposed "Electronic Wallet and Electronic Fund Transfer Small Value Transaction Fee Waiver Act" for the purpose and defined small-value transactions those involving P1,000 or less.</p><ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/business/11/17/23/e-money-now-used-by-4-out-of-10-filipinos-bsp'>E-money now used by 4 out of 10 Filipinos: BSP</a></li></ul>

Under Rep. Suan's bill, fees are waived for a total of P2,000 in small-value transactions. 

House bill waives e-wallet fees for small-value transactions | ABS-CBN News

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House bill waives e-wallet fees for small-value transactions

House bill waives e-wallet fees for small-value transactions