BSP forum tackles lower digital payment fees

MANILA — The Bangko Sentral ng Pilipinas discussed how lower transaction fees could encourage greater use of digital payments, sustain account engagement, and support broader financial inclusion during a forum at its head office in Manila.

BSP Assistant Governor Redentor Bancod led the discussion during the Pricing of Retail Off-Net Payments: Evidence and Insights Forum held Aug. 19.

Experts discuss payment costs, inclusion

Bancod was joined by University of Sydney Associate Professor Russell Toth, RCBC Executive Vice President and Chief Innovation and Inclusion Officer Lito Villanueva, and Better than Cash Alliance Asia-Pacific Lead Isvary Sivalingam.

Innovations for Poverty Action Financial Inclusion Program Director Paul Adams moderated the panel discussion.

The forum focused on the role of transaction pricing in encouraging consumers to use digital payment services and remain active in the formal financial system.

Lower transaction costs are particularly relevant to financial inclusion efforts because fees can affect how frequently consumers use digital accounts and payment channels.

Research supports financial inclusion efforts

Innovations for Poverty Action is a global research and policy organization that works with governments, regulators, and private-sector partners to generate evidence that informs policy and practice.

Through its Financial Inclusion Program, the organization conducts research aimed at strengthening financial inclusion and improving the functioning of digital financial ecosystems.

IPA also has a partnership with the BSP to develop data-driven tools that strengthen the implementation of consumer protection standards.