The Bank of the Philippine Islands (BPI) changed on Feb. 13 how its customers load their GCash and Maya accounts through its app. Instead of directly topping them up, they now have to use the "Transfer to Another Bank" option. This might seem like an extra step, and it also comes with an additional cost. But the Ayala-led bank has a good reason behind it.
Short answer: BSP regulations
GCash and Maya are electronic money issuers, meaning they're supervised by the Bangko Sentral ng Pilipinas (BSP). The central bank has rules about how these e-wallets should be loaded, just like they have rules for banks.
One of these rules is that loading BSP-regulated e-wallets like GCash and Maya should happen through the standardized interbank funds transfer system called InstaPay and PesoNet.
What does this mean?
Think of InstaPay and PesoNet as a shared highway for banks to send money to each other. It's a secure and regulated way for funds to move between different financial institutions. Because GCash and Maya are considered similar to banks in this context, the BSP requires them to use this "highway" for loading.
Why the change in the BPI app?
BPI used to offer a shortcut, letting you load GCash and Maya directly within their e-wallet option, often at a lower transaction fee. However, to comply with BSP regulations, they've now aligned their app with the standard process. This means you now use the "Transfer to Another Bank" feature, which uses InstaPay or PesoNet behind the scenes.
This change means a change in transaction fees. Previously, directly loading GCash or Maya through the e-walltet option would cost you around ₱10. Now, using InstaPay or PesoNet to transfer funds will typically cost at least ₱25 per transaction. However, this is the standard fee for transfers across most banks.
What about other e-wallets?
You might notice that you can still directly load some other e-wallets in the BPI app, like those for RFIDs (AutoSweep, Easytrip) or those with specific uses (Beep, GetGo). These e-wallets may not fall under the same BSP regulations as GCash and Maya, which is why the direct loading option remains.
BPI's change is all about following the rules set by the BSP to ensure the secure and regulated transfer of funds to e-wallets like GCash and Maya. While it adds a small step and increases the transaction fee, it's a necessary step to comply with regulations and maintain the integrity of the financial system.