Bangko Sentral ng Pilipinas and Philippine Payments Management to launch three e-payment streams

BSP Photo

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.

Direct Debit allows customers to better manage recurring payments such as monthly rentals, amortizations, insurance, among others, by simply authorizing the billers to pull funds from the account of payors.

Under the BSP Digital Payments Transformation Roadmap (DPTR) 2020-2023, the BSP aims to convert 50 percent of the volume of retail payments into digital form and onboard 70 percent of Filipino adults onto the formal financial system by 2023.

The PPMI is a key BSP partner for the DPTR and is an industry-led self-governing body that is accredited and overseen by the BSP as a Payment System Management Body in accordance with the National Payment Systems Act.


Stay updated with news and information from BSP by visiting their website at https://www.bsp.gov.ph.

Balikbayan Media Center

Balikbayan Magazine's Media Center serves an audience in 60 countries and 101 cities throughout the World to ignite, drive, and fuel the economic development, progression, and modernisation of the Philippines. Our Media Center curates only the most critical, vital, useful, entertaining, and sometimes amusing information released from both the public and private sector. Our editorial team strongly believes that a well-rounded and well-informed society is a thriving society.

Spotlighting the growth, development, and progression of the Philippines since 2009. Balikbayan Magazine is a publication of the Asian Journal Media Group.

Copyright © 2009-2022 Asian Journal Media Group. All Rights Reserved.