GCash shifts to InstaPay for cash-in transactions starting Oct. 1

Direct cash-in transactions to GCash will be routed to InstaPay beginning Oct. 1, the e-wallet announced.

This shift comes following the directive from the Bangko Sentral ng Pilipinas for all online banks and e-wallets to adopt InstaPay to ensure faster, safer, and more transparent fund transfers.

GCash says that it will not charge direct cash-in fees under the new model.

"However, partner banks may adjust their own service fees depending on their policies related to this shift. Please check with your banks for transition schedules and updated service fees," the e-wallet stated.

Currently, GCash users can cash in over the counter at convenience stores and cash-in machines, local banks, and through global partners.

When cashing in through partner banks, users have to access their respective banking apps to transfer funds. Those with BPI and UnionBank accounts can simply link their accounts to cash in.

In an article on its website, GCash also announced that the cash-in fee via BPI will be P15 starting Sept. 30. 

InstaPay is an electronic fund transfer service allowing users to transfer funds instantly between accounts of BSP-supervised banks.