Personal Development, Business, Finance, and Investing for Everyone
An investment in knowledge always pays the best interest.
In line with continuing efforts to digitalize the country’s retail payments landscape, the Bangko Sentral ng Pilipinas (BSP) and the Philippine Payments Management, Inc. (PPMI) launched “Bills Pay PH” yesterday.
Bills Pay PH facilitates digital transactions between accounts from different payment service providers (PSPs). Transactions can be performed by scanning or uploading the QR Ph Person-to-Biller (P2B) code, or by manually inputting payment details for the non-QR mode of payment. QR Ph is the national standard for quick response codes.
“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 M. Medalla said.
The BSP Governor likewise 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% of Filipino adults in the country by 2023.
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.
Prior to the interoperable facility’s launch, a biller makes separate arrangements with various PSPs to electronically collect payments from their clients. Customers, meanwhile, 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 (A Thrift Bank), Inc., Asia United Corporation, BDO Unibank Inc., China Banking Corporation, Metropolitan Bank and Trust Company, Philippine National Bank, Queen City Development Bank, Inc., Rizal Commercial Banking Corporation, Tayocash Inc., Union Bank of the Philippines, and Universal Storefront Services Corporation Money Services, Inc. can now make digital payments to almost 50 onboarded billers.
Meanwhile, participating billers that maintain accounts with AllBank (A Thrift Bank), Inc., BDO Unibank Inc., Bank of the Philippine Islands (BPI) CIS Bayad Center, Metropolitan Bank and Trust Company, Rizal Commercial Banking Corporation, Tayocash Inc., Union Bank of the Philippines, USSC Money Services, Inc., and Wealth Development Bank Corporation are able to receive online payments from a wider set of customers.
Through Bills Pay PH, customers can now transact with various billers, such as Meralco, Philippine Long Distance Telephone Company, Converge, Malayan Insurance Company, Federal Land, College of Saint Benilde, Far Eastern University, Inc., Iloilo Electric Cooperative, and Leyte V Electric Cooperative.
*The list will grow as more billers are onboarded. (*The BSP is currently awaiting the billers' consent to publish the updated list of billers already onboarded into Bills Pay PH.)
For more updates about
Personal Development, Financial and Investment Education. Join and Subscribe to my Newsletter.
ABOUT THE BLOGGER
Hi, I'm Ralph Gregore Masalihit!
An RFP Graduate (Registered Financial Planner Institute - Philippines).
A Personal Finance Advocate. An I.T. by Profession. An Investor. Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy).
Currently, I'm working my way toward time and financial freedom.