Maya Holds InstaPay Fee at P10 as Rivals Go Free

A Fee That Stayed Behind

Nearly every major Philippine lender has eliminated retail transfer charges since the central bank issued Circular No. 1238, a framework mandating cost-based pricing for electronic fund movements. Universal and commercial banks dropped InstaPay and PESONet fees by late July. Maya lowered its InstaPay charge from P15 to P10 the same month but has declined to go further, a stance that now puts it in a shrinking minority alongside GCash, GrabPay, and a handful of other electronic money issuers.

The divergence is deliberate. According to PLDT executives briefed by reporters this week, Maya operates under economics fundamentally unlike those of a conventional deposit-taker. Jinggay Nograles, head of investor relations at PLDT, told the outlet that the fintech's expense profile reflects a broader portfolio spanning consumer wallets, merchant acquiring, credit, and digital banking. Each line remains in expansion mode, demanding sustained outlays on infrastructure and technology. A century-old bank, by contrast, can lean on decades of entrenched revenue and a mature customer franchise.

Transfer income still forms a revenue pillar for Maya, Nograles said, even as other segments scale. The company turned its first annual profit only in 2025, and with an initial public offering on the near-term agenda, management has little appetite to sacrifice a proven income stream. "Maya needs to be a going concern," she noted. The P10 fee, in that context, is a calculated retention rather than a token charge.

The Cost-Based Defense

PLDT's interpretation is that Maya already meets the central bank's requirements. Circular No. 1238 does not mandate zero-price transfers; it prescribes that fees reflect actual costs. The Bangko Sentral ng Pilipinas itself clarified that point after the circular took effect. "They're complying," Nograles said, adding that banks offering free transfers are exceeding the regulatory floor.

Maya declined to elaborate when contacted on August 14, saying only that it had submitted its position to the regulator and had no further comment. The company's industry associations have been more forthcoming. The Digital Bank Association of the Philippines, led by Maya Bank president Angelo Madrid, welcomed the BSP's clarification that the framework is cost-based rather than a zero-fee edict. FinTech Alliance PH, where Madrid also sits on the board, has argued that providers should recover legitimate expenses tied to secure, reliable service.

That clarification grants Maya room to defend a non-zero fee. It does not, however, settle whether P10 is the correct figure. The BSP has requested detailed cost breakdowns from Maya, GCash, and other institutions. Deputy Governor Mamerto Tangonan said in July that the regulator was reviewing those filings, emphasizing that the same pricing principles apply to banks and e-wallets regardless of structural differences. When reporters spoke with Tangonan again on July 29, he declined to disclose the review's direction, citing ongoing dialogue with the e-wallet operators.

The PLDT Connection

PLDT's visibility into Maya's strategy stems from a long-standing relationship. Maya evolved from Voyager Innovations, once the digital arm of PLDT and Smart. In 2018, PLDT began admitting outside investors, including KKR, Tencent, and the International Finance Corporation, reducing its stake below 50 percent while retaining the largest single shareholding. PLDT and parent First Pacific together hold roughly 40 percent of Maya Innovations Holdings, and PLDT continues to book its share of Maya's earnings. Manuel V. Pangilinan chairs both companies and regularly discusses Maya's profitability trajectory, competitive positioning against GCash, and IPO timing.

What Comes Next

Absent regulatory intervention, the business case for retaining the P10 charge appears robust. Maya's multi-business model and recent path to profitability argue for preserving a reliable revenue line, particularly as it prepares to face public-market scrutiny. The BSP's ongoing review will determine whether that rationale aligns with the cost-based pricing mandate or whether further adjustments will be required.

For now, the Philippine payments landscape is split: traditional banks have moved to zero, while the largest fintech wallets are holding the line. The regulator's final word on cost justification will clarify whether that divide can endure or whether competitive and policy pressure will eventually push fees lower across the board.