LANDBANK has slashed its digital money transfer fees by nearly half to encourage more Filipinos to shift to cashless payments.
In a statement, the state-owned bank said the lower transfer fee of P8 from P15 took effect on May 21 for person-to-person fund transfers through its Mobile Banking App and iAccess platform.
It also offers one free InstaPay transfer daily for transactions amounting to P1,000 and below.
“LandBank remains committed to advancing financial inclusion by making digital banking more affordable and accessible,” its president and CEO Lynette Ortiz said in a statement. “By lowering transaction fees, we are enabling more Filipinos to use secure and convenient digital channels for their everyday financial transactions.”
It will soon introduce zero-fee person-to-government payment services for select transactions. The initiative will make it easier and less costly for Filipinos to pay taxes, fees and other government obligations online.
“By making fund transfers more affordable, LandBank is helping empower individuals, families and small businesses to participate more actively in the digital economy,” Finance Secretary and the bank’s chairman Frederick Go said.
InstaPay, one of the country’s real-time electronic fund transfer services, has been widely used for small-value transactions, its total value rising 57.3 percent to P11.553 trillion last year.
Its number of transactions also jumped sharply, more than tripling to 4.7 billion from 1.4 billion previously, reflecting the growing use of real-time fund transfers for everyday payments and business transactions.