@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.

Just now, I read that the #neobank #Komo that operates in the #Philippines offers one of the lowest fund transfer rates in the local market:
* 8 PHP via #instapay
* free via #Pesonet

Komo is the digital banking arm of #EastwestBank .

Also, In case you never heard, Eastwest offers one of the best forex rates, too.

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