THE Bangko Sentral ng Pilipinas (BSP) and the Philippine Payments Management, Inc. (PPMI) said they launched on Tuesday a digital payment facility known as Bills Pay PH.
According to the central bank, Bills Pay PH facilitates digital transactions between accounts on the various payment service providers.
“Through our continued collaboration with PPMI, we expect to broaden the reach of the benefits of digitalization for more Filipinos, be it individuals or businesses, through more convenient, affordable, efficient, and responsive digital payment services,” BSP Governor Felipe M. Medalla said in a statement.
The central bank’s goals include the digitization of at least half of retail payments, and to broaden financial inclusion by ensuring that at least 70% of Filipino adults have access to some type of bank account by 2023.
Transactions on Bills Pay PH are executed by scanning or uploading a QR code or by manually inputting payment details.
Bills Pay PH also features zero charges or fees for use of the interoperable facility.
Customers who have accounts with AllBank, Inc., Asia United Corporation, BDO Unibank Inc., China Banking Corp., Philippine National Bank, Queen City Development Bank, Inc., Rizal Commercial Banking Corp., Tayocash Inc., Union Bank of the Philippines, Universal Storefront Services Corp. Money Services, Inc. and Wealth Development Bank Corp. can now make digital payments to almost 500 onboarded billers.
Participating billers that maintain accounts with AllBank, Inc., BDO Unibank, Inc., Bank of the Philippine Islands CIS Bayad Center, Metropolitan Bank and Trust Co., Rizal Commercial Banking Corp., Tayocash, Inc., Union Bank, USSC Money Services, Inc., and Wealth Development Bank Corp. will also be able to receive online payments from a wider set of customers.
The facility also enables payments to Manila Electric Co. (Meralco) and PLDT, Inc., among others. — Luisa Maria Jacinta C. Jocson