GCash shifts cash-in transactions to InstaPay under BSP mandate

Fintech giant GCash announced that beginning 1 October, all direct cash-in transactions to its platform will be processed through InstaPay, in compliance with the Bangko Sentral ng Pilipinas’ (BSP) directive to standardize interoperability and transparency across the digital payments ecosystem.

The move is part of the central bank’s push to strengthen the country’s digital finance infrastructure by ensuring faster, safer, and more traceable fund transfers.

GCash said it will not impose additional fees for direct cash-in transactions under the new InstaPay model. However, it noted that partner banks may revise their own service charges in line with their transition schedules and policies.

This means that while GCash users will continue to enjoy free cash-ins on the platform, the cost of transactions may vary depending on the sending bank.

“We remain committed to keeping our services safe, seamless, and affordable, while working with partner banks and regulators to serve you better,” the company said in a statement.

The BSP earlier required all e-wallets and online banks to migrate cash-in and cash-out services to InstaPay, a real-time electronic fund transfer system operated by BancNet, to promote greater efficiency and transparency in digital transactions.

GCash remains the country’s largest e-wallet, with over 80 million users, and plays a key role in the BSP’s goal of reaching a cash-lite economy by 2030.