Digital bank Maya will reduce its InstaPay transfer fee to P10 from P15 beginning Monday, 6 July, joining a growing number of financial institutions lowering the cost of electronic fund transfers.

In a statement on Saturday, the company said the lower fee will apply to real-time transfers from Maya accounts to other banks. Maya added that Maya-to-Maya transfers, as well as PESONet transfers, will remain free, subject to standard processing schedules.

The move comes as banks and digital financial institutions adjust their pricing for electronic fund transfers following recent regulatory initiatives aimed at making digital payments more affordable and accessible.

The Bank of the Philippine Islands announced on Monday the permanent waiver of InstaPay and PESONet transfer fees as part of its 175th anniversary celebration. Rizal Commercial Banking Corporation likewise offers free InstaPay person-to-person fund transfers through its digital banking platforms, RCBC Pulz and RCBC DiskarTech, allowing customers to send money to other banks, e-wallets and financial institutions without transfer charges.

Meanwhile, state-owned Land Bank of the Philippines earlier reduced its InstaPay fee to P8 from P15. These moves follow the Bangko Sentral ng Pilipinas’ (BSP) recent circular addressing online transaction fees.

Under Circular No. 1238, issued on 17 June, the BSP introduced a new pricing framework for electronic payment services that requires fees to be fair, transparent and aligned with actual costs.

The BSP said fees for person-to-person transfers between banks, e-wallets and other payment service providers should not be materially different from transfers within the same institution, which are often free. Any additional charges should largely reflect costs paid to network operators such as BancNet for InstaPay and the Philippine Clearing House Corp. for PESONet.

The BSP also emphasized that digital transaction charges should generally remain lower than fees for manual or over-the-counter transactions, given the efficiency and lower operating costs of electronic channels.

Maya said the fee reduction is part of its efforts to simplify digital money transfers and provide customers with more cost-effective options for everyday transactions.

The company earlier reported its first full year of profitability in 2025, posting P1.7 billion in net income as growth in deposits, lending and merchant services continued to expand its footprint in the country’s digital finance market.

For the fiscal year ended 31 December 2025, Maya said deposit balances reached P68 billion, up 72 percent year on year, reflecting increased adoption of its digital banking products alongside its payments business.