The BSP will impose limits on online payment charges, according to Diokno.
On Tuesday, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said that they could impose limits on how much operators of payment system (OPS) were charging for their service.
Diokno was asked in a webinar organized by the Management Association of the Philippines to discuss digital banking business in the Philippines last September 28 if the Bangko Sentral ng Pilipinas was planning to regulate service costs that were charged by operators of payment system.
Those service costs that banks were charged by an operator of payment system were ultimately passed on to consumers.
“We will impose limits on how much they can charge costs. Just like our payment system, we put a limit to how much the establishment or the BSP supervised financial institutions can charge, for example InstaPay and PESONet,” Diokno said.
Manila Bulletin reported that PESONet and InstaPay were digital payment platforms for fund transfers.
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As defined by the Bangko Sentral ng Pilipinas, an operator of payment system may be bills payment service providers, cash-in service providers, and entities such as payment gateways, platform providers, payment facilitators, and merchant acquirers that enable sellers of services and goods to accept payments in cash or digital form.
Also, the central bank had acknowledged that the performance of OPS business was at times linked with activities such as those performed by money service businesses and electronic money issuers (EMIs).
Based on the report, the BSP had registered 162 OPS as of September 24. It started registering OPS last January 2020 and OPS were both banks and non-banks.
Recently, the BSP had approved the guidelines for the OPS governance standards for the smooth circulation of funds among EMIs and banks. The new circular had recognized that operators of payment system were crucial in maintaining the public’s confidence in the financial system.
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