00:00 e-wallet applications are a smash hit among consumers who love the ease, convenience and
00:05 safety they provide in doing business sans cash. Then again, business is so good with all the
00:11 profits coming in from each transaction fee charged. But e-wallet users are not thrilled
00:16 anymore and want all transaction fees completely scrapped as our Noel Talakai reports.
00:24 Albert has been using digital payment apps since 2020. For him, it gives him convenience and safety
00:32 for his money. However, he finds the transaction fees quite substantial for his electronic wallet.
00:39 That's why he wishes it be completely scrapped or knocked off from the transaction.
00:46 It's better if it's scrapped.
00:47 It's better for the buyers and for us as well.
00:51 Because the P15 is a big part of the charge.
00:55 If it's scrapped, it's better.
00:57 However, for now, it seems that it is impossible to happen.
01:01 Banco Central ng Pilipinas or BSP said that the two leading digital payment applications in the country,
01:09 Paymaya and GCash, have been silent on mounting public clamor to remove the transaction fee for payments P1,000 and below.
01:19 This is a big change. So let's give them time to look into that. And hopefully they come around and respond positively to the call of the governor.
01:30 GCash explained that it pays their third-party provider for interoperability of its services, but assures the public its transaction fees are affordable.
01:43 We need to consider outside of the operational costs that we have, it's also fees that we also incur through the connections with our other partners.
01:54 While Paymaya says they are still studying the BSP's call and weighing between its investments and government assistance.
02:03 We are studying that. We have numbers that we have done. So we need to just sort it out internally because it is not an easy task.
02:15 For now, Paymaya and GCash can't tell yet when they can remove transaction charges since the country is not yet 100% into digital payment or on cashless transactions.
02:29 According to the data of BSP, only four out of ten Filipinos are using digital payment apps and 42.1% of total payment transactions in the Philippines are digital.
02:43 But the BSP is projecting a surge in the coming years.
02:48 For 2028, the revised target, the upgraded target is now like 60 to 70%. So we'll continue. We'll keep on pushing.
03:00 This morning, the first ever Cashless Expo 2023 was held at the World Trade Center in Pasay City.
03:08 It aims to promote and strengthen the use of digital payment or online payment transactions in the country.
