Philippine banks have migrated to a new automated teller machine (ATM) pricing model whereby fees charged to a cardholder for withdrawal or other transactions are based on the fees of the acquirer or the owner of the ATM terminal used.
This is to comply with a much-debated new ATM pricing framework by the Bangko Sentral ng Pilipinas (BSP), which replaced the long-running issuer-based pricing model that previously allowed the issuer of the ATM cards to set the fees and share the rest with the ATM acquirer and the switch network that facilitates the clearing.
On Wednesday, the Bankers Association of the Philippines (BAP) expressed its support to the acquirer-based ATM fee principle s…
Keep on reading: Banks assure public new ATM fee policy ‘customer-centric’