Growing tired of the long queue at banks just to deposit, withdraw or transfer funds? Getting worried about fees now being charged for cash deposit and withdrawal at bank branches? It’s high-time to look for smarter options.
Customers should have a more convenient, safe and affordable way of paying or transferring funds to others, including those who are customers of other banks, than by making deposits or withdrawals at bank branches. In response to this growing clamor from customers, the banks, electronic money issuers (EMI) and mobile money operators launched PESONet, the country’s first Automated Clearing House (ACH) under the National Retail Payments System (NRPS) of the Bangko Sentral ng Pilipinas (BSP). NRPS is the landmark payments policy of the BSP that aims to establish an efficient, safe, reliable and interoperable electronic payments system in the Philippines.
PESONet now makes it possible for banks, EMIs and mobile money operators to offer their customers the ability to conveniently, safely, speedily and affordably pay or transfer funds to others who may be customers of other banks using their electronic devices such as computers, laptops, tablets and mobile phones. PESONet is expected to help spur the rise of cash-less transactions in the Philippines for more inclusive economic growth and financial inclusion.
By using PESONet, customers such as businesses, government institutions and individuals of participating banks, electronic money (e-money) or mobile money operators are charged lower (for some, even zero) transaction fees when transferring funds to another account, e-money issuer or mobile money operator in the country. Payees receive the funds without any deductions and within the same banking day. To know the difference, they can simply check their banks’ transaction fees and compare it to that of PESONet.
Banks incur costs when performing customers’ cash transactions. They provide the branch premises, tellers, bill counters, vault and armored cars, hence they charge the clients.