Title says it all.
This development is significant in that it removes usually nasty exchange rates from the equation. After a little digging, I determined charges to be the ff.:
- 3.4% + P15 for domestic transactions
- 3.9% + P15 for international transactions.
Pretty good rates at the moment, which frankly makes you wonder why exchange rates were so high to begin with. Two other situations I realized here, is that A. Paypal users may not find the need for Dollar Accounts anymore, which may cause local banks some worry. And B. The typical Pinoy small to medium enterprise, which usually is very small (think 1 ~ 5 employees at most), can and most likely will take full advantage of the micro-payments potential.