UnionBank customers already enjoy free PESONet transfers, bills payments, QRPh transactions, telco load purchases and transfers between UnionBank accounts.
The latest fee waiver comes as banks compete more aggressively to attract digital users by lowering the cost of everyday banking transactions.
The move follows rival Bank of the Philippine Islands’ decision to permanently waive both InstaPay and PESONet transfer fees across its digital platforms last July 1.
The push aligns with a recent Bangko Sentral ng Pilipinas circular encouraging banks to adopt reasonable and market-based pricing for person-to-person electronic fund transfers.
—Edited by Miguel R. Camus
