BDO to waive InstaPay fees during off-peak hours until end-October

BDO Unibank Inc. on Sunday said it will waive service fees for InstaPay transactions during off-peak hours until the end of October.

In an advisory, the Sy-led lender said sending money via InstaPay to other local banks and wallets is free from 8:00 p.m. to 6:00 a.m, while transactions made from 6:01 a.m. to 7:59 p.m. will be charged P25.00.

The charges are valid from October 12 to October 31, 2020.

Meanwhile, BDO said transfers to other BDO accounts will be kept free moving forward.

According to the central bank, several banks have already said they will waive PESONet and InstaPay fees until the end of the year: Asia United Bank, the Development Bank of the Philippines, Land Bank of the Philippines, Security Bank, Sterling Bank, and Union Bank.

In July, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said he wants at least half of all Philippine transactions done digitally by the end of his term in 2023.

To recall, the BSP launched InstaPay in April 2018. It is an electronic fund transfer (EFT) payment system that enables individuals to wire funds across banks in real-time. — LA, GMA News