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Manila Bulletin devider Philippines devider National devider Imee slams token suspension of online transaction fees

Imee slams token suspension of online transaction fees

Published Oct 1, 2020 01:04 pm

Sen. Imee R. Marcos slammed the token suspension of online transaction fees that banks and financial technology companies planned to impose this October, saying it must be extended until the COVID-19 pandemic clearly subsides.

Senator Imee R. Marcos (Senate of the Philippines / MANILA BULLETIN)

Marcos, chairwoman of the Senate Committee on Economic Affairs, said that suspending online transaction fees until the latter half of next year, when a vaccine could be available, would make a real difference in promoting the growth of small businesses online.

“We made a big push with the help of the Bangko Sentral ng Pilipinas (BSP) to give a 60-day debt moratorium to the public, only to be offset by new charges,” Marcos said.

“Those who were gainfully employed have been forced to find an alternative means of livelihood online. Let’s promote the growth of small businesses during this crisis,” Marcos said, adding that more fees would also affect the buying public.

Various banks and popular fintech companies like GCash and PayMaya had planned to impose new online transaction fees this October but suspended these to November or until yearend.

Among the fees that Marcos wants postponed longer are service charges of P15 for money transfers, P20 for over-the-counter transactions and for cash withdrawals via Mastercard, and fintech fees of one percent to two percent on cash-in and over-the-counter transactions of P8,000 and above.

Owners of small online businesses that have barely started have complained that the sudden introduction of fees makes it more difficult for them to cope with the economic crisis, she said.

Some 75,000 online businesses are registered in the country and use the services of almost 200 fintech companies that deal in money lending, bill payments, digital wallets, and remittances.

“Banks and fintech companies can certainly afford to postpone new fees for a longer period. Digital payment systems will become even more popular and profitable due to limited public mobility during the pandemic,” Marcos said.

In 2019, before the pandemic, e-money transactions registered 36 percent growth valued at P760 billion, according to a Fintech News Philippines report.

The report said the spike in e-money transactions also owes to the fact that only 29 percent of Filipino adults maintain bank accounts.

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