UNO Digital Bank is removing transfer fees for all QR Ph transactions to eliminate the costs that often accumulate during the high-volume holiday spending season in the Philippines.
The initiative allows users to send money across different banks and e-wallets without charges, provided they use the national QR Ph standard. The bank said the move is designed to support a more inclusive and cost-friendly financial environment as digital transactions continue to dominate the local economy.
“Filipinos shouldn’t have to pay more when they choose to give more,” UNO Digital Bank chief executive Manish Bhai said.
He said the bank views free transfers as a fundamental principle rather than a temporary promotion, intended to empower consumers to move money without friction.
The shift toward digital finance in the Philippines has been rapid, with digital payments accounting for more than 57 percent of monthly retail transactions in 2024.
Data show that InstaPay and PESONet transfers reached P12.8 trillion in 2023. As e-commerce and social commerce grow, the cumulative cost of small transfer fees has become a concern for many budget-conscious Filipinos.
By utilizing the Bangko Sentral ng Pilipinas (BSP) QR Ph standard, the bank aims to reduce human error and the risk of “wrong send” incidents. QR Ph transactions for person-to-merchant payments grew by more than 2,700 percent between 2022 and 2023, signaling a massive shift in consumer behavior toward scan-to-pay methods.
UNO Digital Bank said it would absorb the costs of these transfers with no hidden conditions or limits on the number of transactions.
The strategy aligns with the central bank’s broader goal of transitioning the Philippines into a cash-lite economy where digital tools are accessible to all.
