As PayMaya continues to expand the number of places you can use its cashless platform, the Fintech app announced that effective October 1, it will begin imposing a 1% transaction fee for add money transactions made over-the-counter (OTC) that exceeds the Php 10,000 monthly threshold.
In its advisory, PayMaya explains that while add money transactions made OTC will still incur a 1% transaction fee, those that did not go above the Php 10,000 monthly threshold will get their 1% back through cashback.
While this may be sad news for those who are dependent with cashless platforms like PayMaya, all is not lost: PayMaya adds that the 1% transaction fee does not apply to those adding money through bank transfers (be it through over the counter, online, or via banking apps).
Since we are still under the new normal and online bank transfers are the norm for the time being, InstaPay and PesoNET are waiving their fees until September 30 and December 31 depending on the bank. Here’s the updated list as of August 3: