According to Philstar Global, Philippine e-wallet GCash will charge a PHP5 fee for each cash transaction with the Bank of the Philippine Islands (BPI) and UnionBank starting in the fourth quarter of 2023.
GCash president and CEO Martha Sazon said the fee is still lower than the 25 Philippine pesos charged by traditional banks, adding that the fee is necessary to cover rising costs.
She assured users that GCash will continue to subsidize part of its operating costs for cash transactions as it aims to make its services affordable to the public.
Sazon also encouraged GCash users to cash out large amounts at once to minimize the impact of transaction fees.
The e-wallet recently announced that it will waive QRPh transaction fees or the Merchant Discount Rate (MDR) for micro merchants using the scan-to-pay service until the end of 2023.