Under the BSP Digital Payments Transformation Roadmap 2020-2023
The Philippine Payments Management Inc. (PPMI) and the Bangko Sentral ng Pilipinas (BSP) inaugurated “Bills Pay PH” on Tuesday as part of ongoing efforts to digitalize the nation’s retail payment system.
Digital transactions between accounts from various payment service providers are facilitated by Bills Pay PH (PSPs). The QR Ph person-to-biller (P2B) code can be scanned or uploaded to complete transactions, or manually entered for non-QR payment methods. The U.S. standard for quick response codes is QR Ph.
Governor of the BSP Felipe Medalla stated, “Through our continuous engagement with PPMI, we intend to widen the reach of the benefits of digitalization for more Filipinos, be they individuals or enterprises, through more practical, inexpensive, efficient, and responsive digital payment services.
He expressed hope that the new facility would help the central bank achieve its objectives of digitalizing at least 50% of retail payments and involving at least 70% of adult Filipinos in the country’s financial system by 2023.
Customers may pay their bills more affordably thanks to Bills Pay PH’s lack of any charges or penalties in addition to its increased convenience.
A biller forms individual agreements with several PSPs to electronically collect payments from their clients before the interoperable facility is launched. Customers must open an account with their biller’s PSP or stand in a line at business centers to make cash payments in the meanwhile.
Customers with accounts at AllBank (A Thrift Bank) Inc., Asia United Corp., BDO Unibank Inc., China Banking Corp., Metropolitan Bank and Trust Co. (Metrobank), Philippine National Bank, Queen City Development Bank Inc., Rizal Commercial Banking Corp. (RCBC), Tayocash Inc., Union Bank of the Philippines (UnionBank), and Universal Storefront Services Corp. can pay their bills through Bills Pay PH.
Almost 50 onboarded billers can now accept digital payments from Money Services Inc.
A larger range of clients can make online payments to participating billers who have accounts with AllBank (A Thrift Bank), BDO Unibank, Bank of the Philippine Islands (BPI) CIS Bayad Center, Metrobank, RCBC, Tayocash Inc., UnionBank, USSC Money Services, Inc., and Wealth Development Bank Corp.
Customers are now able to conduct business with a variety of billers through Bills Pay PH, including Manila Electric Co., PLDT, Converge, Malayan Insurance Co., Federal Land, College of Saint Benilde, Far Eastern University Inc., Iloilo Electric Cooperative, and Leyte V Electric Cooperative. As additional billers are added to the list, it will expand.
