Instant payment system ‘Higala’ will link rural banks, cut transfer fees

MANILA, Philippines – Inclusive instant payment system Higala aims to connect rural banks, thrift banks, and microfinance institutions to a payment network that has historically left them excluded.of these are included in the InstaPay network, which is the country’s most popular way to transfer money instantly. Similarly, out of the more than 40 thrift banks, only 20 are connected with InstaPay.

Catudio explained that financial institutions need to invest in a number of technologies to be able to connect to InstaPay. He cited how, for instance, BPI spent tens of millions of pesos just to connect to InstaPay’s system. Asked whether this means banks that adopt this technology will have lower transaction fees, Damarillo said: “We will lower their cost. It’s up to them how to charge to their customers.”around P8 to P25 in fees per InstaPay transaction, to cover the P3 switching cost and to recoup the massive on-ramp cost of connecting to the instant payment system.

Source: Tech Daily Report (techdailyreport.net)

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