MANILA –– The Bangko Sentral ng Pilipinas and the Philippine Payments Management Inc launched the Bills Pay PH to facilitate digital transactions between accounts from different payment service providers (PSPs), the central bank said.
With Bills Pay PH, transactions can be conducted by scanning or uploading the QR Ph person-to-biller (P2B) code or by manually inputting payment details for non-QR mode of payment, the BSP said in a statement.
“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 Medalla said.
Before Bills Pay PH, billers make arrangements with PSPs to collect payments from clients while customers need to open an account with their biller's providers or queue in business centers to pay in cash.
The new facility makes transaction "more economical" since there are no fees incurred when using Bills Pay PH.
Customers with accounts in the following banks can now make digital payments to almost 500 billers:
• AllBank (A Thrift Bank), Inc
• Asia United Corporation
• BDO Unibank Inc.
• China Banking Corporation
• Philippine National Bank
• Queen City Development Bank, Inc.
• Rizal Commercial Banking Corporation
• Tayocash Inc
• Union Bank of the Philippines
• Universal Storefront Services Corporation Money Services, Inc
• Wealth Development Bank Corporation
Meanwhile, the following billers are able to receive online payments from a wider set of customers if they maintain accounts with the following banks:
• AllBank Inc
• BDO Unibank Inc
• CIS Bayad Center
• Tayocash Inc
• USSC Money Services Inc
• Wealth Development Bank
Medalla said the facility would support the BSP's goal of digitalizing 50 percent of retail payments and onboarding 70 percent of Filipino adults into the formal banking system by 2023.