Bangko Sentral ng Pilipinas (BSP, Philippines), BSP Replaces Unfit Currency with Digital Cash in Tagbilaran, January 16, 2023

— Available here: https://www.bsp.gov.ph/SitePages/MediaAndResearch/MediaDisp.aspx?ItemId=6588

#digitalassets #digitalcash #ewallets #currency #banknotes #digitalpayments #banking #paymentsystems #BangkoSentralngPilipinas #BSP #Philippines #centralbanks

I'm curious about user behavior re the use of #eWallets for #MicroPayments

Do you only (usually) use the same #eWallet brand to pay recipients using the same eWallet?

Does that even matter where you're from? Feel free to elaborate by adding a reply.

In the #Philippines, for example, people usually pay #Gcash to Gcash / or #Maya to Maya because of zero transaction fees. A transaction with another wallet (e.g. Maya to Gcash) may cause a few extra bucks - which adds up, if you use it a lot.

@evelyn
Yep. That's the #QRph logo, and yes it *should* work with other #ewallets that operate in the #Philippines.

@rom @cedled

@rom @gowin @cedled
Question for you guys (see attached image): Isn't this little blue-yellow-red logo in the center of the #QRcode the #QRph logo, and not owned by #GCash? Which means it should* work with other* #eWallets?

I asked the cashier if I could pay with #Maya 📱👛 "Hindi puwede." 😕

I hate it when the only payment options are cash and Gcash. I like to save my cash -- trying to minimize visits to the ATM, to avoid crooks -- and #iHateGlobe.

@cedled

Did you notice that there seems to be less stores offering card payments, but more of them are accepting #ewallets / #EFTs after the economy re-opened after the lockdowns?

@evelyn Basically, the BSP mandated all banks and #ewallet service providers to inter-operate with each other by using a common #QRph standard, piggybacking on #PesoNet and #InstaPay. In theory, consumers no longer need not maintain different apps or #eWallets to transfer funds to each other, but in reality, some consumers find the transaction fees a turn-off, especially if they do a lot of inter-wallet transactions.

Except for a handful, too many banks in the #Philippines charge very high transaction fees involving other banks, or #ewallets
How high? According to this [0] document, the actual cost of #instapay fees is only 3 PHP (0.05 USD) , and yet many charge consumers between 10 PHP up to 25 PHP **per** transaction.
As for #pesonet, I read elsewhere that their cost is even lower than 3 PHP.
[0]: https://bfaglobal.com/wp-content/uploads/2022/08/Highlights-emerging-from-Philippines.pdf

@cendawanita Sorry, that's the exchange rate for the USD, for reference.

The average transaction fees for #ewallets is 0.30 USD.

@cendawanita Well, I'm not sure what this government is thinking, but they don't appear to be encouraging the use of #ewallets.

Like I wrote earlier, there are free options for adding money to your eWallet, BUT all options for taking your money out -- yep, you guessed it right, will have additional fees involved.

So, most people think it's too bothersome (and expensive).

The #QRph code is the #Philippines' Bangko Sentral's way of ensuring compatibility across #eWallets in the market.

It may be interoperable, but service providers still charge transaction fees for moving funds to other eWallets.

I found that #SeaBank's app works for #GCash, #Maya or whatever #bank/#eWallet that supports the #QRph standard, and they DO NOT charge ridiculous fees (for now?) for the transactions

My #Ilocano forebears will be proud of me 😤 :mastocelebration: