Imagine a world where using your e-wallet for transactions under P1,000 comes with zero fees. Cagayan de Oro City Rep. Lordan Suan is on a mission to make that a reality. With House Bill No. 9749, he’s pushing for e-wallet providers to waive fees on small transactions, aiming to boost adoption among low-income and unbanked Filipinos.
Suan believes in the power of e-wallets as a convenient and affordable alternative to traditional banking. According to him, eliminating fees for small transactions will not only make digital transactions more accessible but also contribute to economic growth.
The proposed bill, known as the “Electronic Wallet and Electronic Fund Transfer Small Value Transaction Fee Waiver Act“, aims to drive digital inclusion by encouraging Filipinos to embrace e-wallets for everyday banking needs.
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The bill emphasizes transparency in fee disclosure and fosters healthy competition among e-wallet providers. This, Suan argues, will ultimately benefit consumers, ensuring they get the best service at the lowest cost.
If the bill becomes law, it would mean no fees for transactions like sending money to another e-wallet user, cashing into or out from an e-wallet account, and transferring funds to a bank account. However, it’s worth noting that fees may be applicable for subsequent small value transactions if they exceed PHP2,000 in a day.
E-wallet providers in the Philippines, including familiar names like GCash, Maya, GrabPay, Dragonpay, Coins.ph, BanKo, Alipay, PayPal, and ShopeePay, currently charge fees for various transactions, starting from as low as PHP5.
Could this be the push needed for widespread digital adoption among Filipinos?
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