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Saturday, April 20, 2024

Bills Pay PH facility to aid digitalization of retail payments

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THE Bangko Sentral ng Pilipinas (BSP) expects the new Bills Pay PH facility to bring the government closer to its goals of digitizing at least half of retail payments and enabling the majority of Filipino adults to use digital payments.

BSP said Bills Pay PH facilitates digital transactions between accounts from different payment service providers (PSPs). The facility was launched by BSP and the Philippine Payments Management Inc.

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.

Aside from greater convenience, customers can enjoy a more economical way of paying bills, as using Bills Pay PH incurs zero charges or fees.

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 Bank Corporation, BDO Unibank Inc., China Banking Corporation, and Metropolitan Bank and Trust Company can now make digital payments to almost 50 onboarded billers.

The list includes those with accounts in Philippine National Bank, and Queen City Development Bank Inc., Rizal Commercial Banking Corporation, Tayocash Inc., Union Bank of the Philippines, Universal Storefront Services Corporation and Money Services Inc.

Meanwhile, participating billers that maintain accounts with AllBank (A Thrift Bank), Inc., BDO Unibank Inc., Bank of the Philippine Islands  (BPI), CIS Bayad Center, and Metropolitan Bank and Trust Company are able to receive online payments from a wider set of customers.

The list also includes Rizal Commercial Banking Corporation, and Tayocash Inc. Union Bank of the Philippines, USSC Money Services, Inc., and Wealth Development Bank Corporation.

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.

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