The Bangko Sentral ng Pilipinas (BSP) and the Philippine Payments Management, Inc. (PPMI) have launched three new digital payment services aimed at making electronic transactions more accessible and convenient for both consumers and businesses.
Introduced during a ceremony at the BSP Head Office on July 29, the new initiatives include Direct Debit PH, InstaPay Cash-In, and InstaPay for Business.
According to BSP Governor Eli M. Remolona Jr., improving interoperability and reducing transaction costs can help expand financial inclusion by encouraging more Filipinos to use digital payment services.
Meanwhile, BSP Deputy Governor Mamerto E. Tangonan said the launch reinforces the central bank’s commitment to building a safer, faster, more reliable, and interoperable payment system under the National Retail Payment System Framework.
Direct Debit PH allows customers to authorize billers to automatically collect payments from their bank accounts on scheduled due dates, eliminating the need for manual payments each billing cycle.
The new InstaPay Cash-In service lets users request funds from another person through their bank or e-wallet account. Once the request is received, the sender can transfer the requested amount using their preferred participating financial institution.
For businesses, InstaPay for Business increases the maximum transfer amount from PHP 50,000 to PHP 500,000 for registered business users, enabling larger digital transactions.
During the event, the BSP also reminded the public about the distinction between QR Ph and InstaPay QR.
QR Ph now refers to person-to-merchant (P2M) payments, where merchants shoulder the transaction fees. InstaPay QR, meanwhile, is used for person-to-person (P2P) fund transfers, which may be subject to fees depending on the financial institution or account used.
The launch forms part of the BSP’s activities celebrating its 33rd anniversary.
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