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Manila Bulletin devider Philippines devider Visayas devider Why GCash can't waive transfer fees yet

Why GCash can't waive transfer fees yet

Published Jul 20, 2026 10:09 pm
MICHELLE Fernandez, GCash Head of Corporate Sustainability and Communications, speaks during a media interaction in Cebu City. (Calvin Cordova)
MICHELLE Fernandez, GCash Head of Corporate Sustainability and Communications, speaks during a media interaction in Cebu City. (Calvin Cordova)
CEBU CITY – Unlike other financial institutions, GCash, the largest e-wallet in the country, is not yet ready to waive off transfer fees.
The company, however, has reduced its transfer fee from P15 to P10 and is exploring additional cuts.
Michelle Fernandez, GCash Head of Corporate Sustainability and Communications, said the company is studying the possibility of further fee reductions.
But for now, making transactions completely free is not yet financially sustainable, Fernandez.
In a recent media roundtable discussion, Fernandez explained that unlike banks, e-money issuers are prohibited from lending customers' funds to generate income.
"If you need this money even at 2 a.m., we have to be able to give it back to you,” Fernandez said. “There is no way for us to earn by lending out your money. Which is why we have transaction fees.”
Fernandez emphasized that banks have the capability to waive off transfer fees as they can earn from loans using customer deposits, allowing some institutions to absorb the cost of waiving transfer fees.
She added transaction fees help finance the platform's cybersecurity systems, infrastructure, and operations while allowing it to keep other services, such as transfers between GCash users, free of charge.
Fernandez assured that the company remains committed to making digital financial services accessible to Filipinos who are unable to open traditional bank accounts.
"We still want them to have access to digital financial technology," she explained.

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