MANILA, Philippines â The Philippine central bank and the payments industry will launch several initiatives to advance the transition to digital payments and financial inclusion, the central bank chief said Monday (September 27th).
Speaking to stakeholders, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said the BSP “will continue to work with Philippine Payments Management Inc. to ensure that every Filipino can meaningfully participate in an economy. increasingly digital “.
Managed by participants from the payments industry, Philippine Payments Management Inc. is an independent body accredited by BSP as the management body of the country’s payment system.
One of its key initiatives is the full launch of QR Ph for person-to-merchant payments in the coming days. Quick Response, or QR technology, involves scanning codes and benefits consumers through faster, easier, and cheaper payment options with greater convenience.
âI am confident that this initiative will facilitate efficient digital payments for unbanked micro-entrepreneurs like sari-sari store owners and tricycle drivers,â Diokno said.
The BSP and the payments group are also working together on the implementation of the PESONet multiple batch settlement system by the end of the year, the establishment of an interoperable bill payment facility by the end of the year. beginning of 2022 and the roll-out of the payment request facility by the second quarter of 2022.
PESONet is an electronic batch funds transfer which can be considered as an electronic alternative to the paper check system. Starting once a day, multiple batch settlement will increase the frequency of PESONet settlements to twice a day. This will speed up the payment process for high value transfers and support the financing needs of businesses.
The interoperable bill payment facility, on the other hand, will allow billers to collect from their customers through digital means, even if billers’ payment service providers are different from their customers.
The payment request facility, on the other hand, will allow recipients to initiate collections by simply sending a payment request to the payer. Payers don’t need to initiate payment or get payee account details and will just need to confirm or authorize the payee’s request for payment.
Philippine Payments Management Inc. is working to attract more banks and e-money issuers participating in PESONet to the EGov Pay ecosystem, an electronic payment facility for taxes, permits, fees and other government obligations.
Finally, the BSP and the payments industry are also working on the direct debit service initiative, which will allow the payer to send the payee an electronic authorization to withdraw funds directly from the payer’s account on a regular basis. It’s ideal for recurring payments like monthly rent, periodic loan amortization, and quarterly insurance premiums.
âThese tough times have taught us to adapt, to be more agile and to find innovative ways to continue to thrive,â said Diokno. âIn a way, the pandemic has given us an invaluable opportunity – and one that we must seize – to strengthen and improve our digital transformation capacities. “
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