The Bangko Sentral ng Pilipinas (BSP) and the Philippine Payments Management, Inc., (PPMI) will launch three e-payment streams as part of a push to broaden the use of digital payments over the next two years.
During the recent Eastern Communications E-Huddle webinar, BSP Governor Benjamin E. Diokno said the central bank and PPMI will launch Bills Pay, Request to Pay, and Direct Debit facilities.
Bills Pay seeks to improve the existing fragmented bills payment mechanism for retail customers. This will allow them to pay their electricity, water, and telephone bills even if the accounts of the customer and the biller are with different banks or other financial institutions.
Request to Pay aims to empower payees to initiate collections by sending a “request to pay” to the payor without the need to provide the account details or the amount. The payor only needs to authorize the collection instruction (by clicking on “approve”, for example) from the payee.
