THE Bangko Sentral ng Pilipinas (BSP) announced that it, along with the payments systems industry, is set to roll out an array of initiatives expected to further advance payments digitalization and financial inclusion in the country.
These initiatives include the full launch of QR Ph for person-to-merchant (P2M) payments, the higher frequency of PESONet settlements, advancements to debit and payment service facilities.
The BSP said the full launch of the QR Ph for P2M payments is expected to be rolled out “in the coming days.”
Quick Response or QR technology entails code scanning and benefits consumers through faster, easier, and cheaper payment options with greater convenience.
“I am confident that this initiative will facilitate efficient digital payments to unbanked micro-entrepreneurs such as sari-sari store owners and tricycle drivers,” BSP Governor Benjamin Diokno said.
The BSP and Philippine Payments Management Inc. (PPMI) are also collaborating on implementing the PESONet Multiple Batch Settlement (MBS) by year end. This means that from the current once a day, MBS will increase the frequency of PESONet settlements to two times a day.
“This will speed up the payment process for high-value transfers and support funding requirements for businesses,” Diokno said.
The interoperable bills payment facility is also on the works to enable billers to collect from their customer through digital means, even if the payment service providers of the billers are different from those of the customers.
PPMI, likewise, is working on the onboarding of more PESONet participating banks and e-money issuers to the EGov Pay ecosystem, an e-payment facility for taxes, permits, fees and other government obligations.
The BSP and the payments industry are also working on the direct debit service initiative, which will enable the payer to send the payee an electronic authority to draw funds directly from the payer’s account on a regular basis.
This is ideal for recurring payments such as monthly rentals, periodic loan amortizations, and quarterly insurance premiums.