BSP ROLLS OUT BILLS PAY PH TO ENHANCE DIGITAL PAYMENTS
Consumers now have more options to pay their bills as the Bangko Sentral ng Pilipinas in partnership with the Philippine Payments Management Inc. (PPMI) launched the “Bills Pay PH” initiative.
Bills Pay PH facilitates digital transactions between accounts from different payment service providers (PSPs).
That is, the system features interoperability and enables payments between previously disparate payment systems.
Through Bills Pay PH, customers can now transact with about 50 billers like Meralco, PLDT, Converge, Malayan Insurance, Federal Land, College of Saint Benilde, Far Eastern University, Iloilo Electric Cooperative and Leyte V Electric Cooperative.
The list is expected to lengthen as more billers get on board.
Transactions can be done by scanning or uploading the QR Ph Person-to-Biller code, or by manually inputting payment details for the non-QR mode of payment.
Zero charges
Aside from greater convenience, customers can enjoy a more economical way of paying bills as there are zero charges or fees incurred when using Bills Pay PH.
“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 during the launching ceremony held on Nov. 29.
Medalla expressed optimism that this new facility will take the central bank closer to its goals of digitalizing at least half of retail payments and financially including at least 70 percent of Filipino adults in the country by 2023.
Before Bills Pay PH was launched, a biller made separate arrangements with various PSPs to electronically collect payments from their clients.
Meanwhile, customers had to open an account with their biller’s PSP or line up in business centers to pay in cash. Through Bills Pay PH, customers who have accounts with AllBank, Asia United, BDO Unibank, China Banking, Metrobank, PNB, Queen City Development Bank, RCBC, Tayocash Inc., Union Bank of the Philippines, and Universal Storefront Services Corporation Money Services, can now make digital payments to onboarded billers.
Participating billers that maintain accounts with AllBank, BDO Unibank, BPI, CIS Bayad Center, Metrobank, RCBC, Tayocash, Union Bank, USSC Money Services, and Wealth Development Bank are able to receive online payments from a wider set of customers.