The Bangko Sentral ng Pilipinas (BSP) is set to launch three (3) e-payment streams—Bills Pay, Direct Debit, and Request-to-Pay—within this year to encourage the use of digital payments in the Philippines.
Bills Pay enables customers with utility bills to pay for their expenses even if they don’t have an account in the banks supported by the utility company.
Direct Debit is the BSP’s version of recurring bill payment arrangements, allowing customers to authorize payees to deduct payments from their accounts for services and goods, such as rent and insurance.
On the other hand, Request-to-Pay allows payees to send collection requests to payors for recurring, non-urgent bills.
To help achieve its three-year roadmap for a digital payments transformation, the BSP has partnered with the Philippine Payments Management Inc.
The BSP is hoping that by 2023 at least 50% of retail transactions are made online.