Metropolitan Bank and Trust Co. (Metrobank) recently announced that Instapay and PESONet transactions done via the Metrobank Mobile App and the new Metrobank Online website will remain free of charges until December 31, 2020.
According to Chief Marketing Officer Digs Dimagiba, Metrobank’s focus on Meaningful Banking — which aims to make banking more client-centric and inclusive — ultimately guided the decision.
“As we saw increased dependence on online bank-to-bank transfers, and how the pandemic affected our clients’ personal finances, we decided to keep these transactions free for the time-being,” Dimagiba explained.
The fee waiver extension was implemented as InstaPay transactions increased over 250 percent and PESONet transactions over 130 percent this past quarter.
Moreover, he underscored that financially, the bank is more than ready to “absorb” the so-called cost of the free transactions, due to its conservative strategy of increasing its reserves against the continuing impact of the pandemic.
“That’s what being in good hands is all about,” Dimagiba said.
“We foresee that more people will use online banking in the coming months, and by imposing less restrictions in moving money around, this will help boost consumer spending which in turn helps businesses and stimulates economic activity for our country.” Dimagiba concluded.
Metrobank recently launched the new Metrobank Online platform to enhance the online banking experience of current and prospective clients.
The new Metrobank Online includes the Send Money feature for InstaPay and PESONet transactions.