BSP to Launch New Digital Payment Services in the Philippines

The Bangko Sentral ng Pilipinas (BSP) is launching its new digital payments in the Philippines with its new Request to Pay (RTP) and Direct Debit services. BSP Deputy Governor Mamerto Tangonan announced the RTP Cash-In Service will launch in the second half of this year. This service lets e-money users top up their accounts using any bank or e-wallet. It’s all about making adding funds easier and getting more people into digital wallets.

Next year, BSP plans to roll out an RTP option for e-commerce. This move aims to make online payments smoother and more user-friendly. With the RTP system, payees can request payments directly from payers, giving users more control over their spending and better cash flow visibility.

BSP is also teaming up with industry partners to pilot the Direct Debit service this year. This will help customers handle recurring payments like bills and subscriptions more efficiently by automating the process.

These new services follow a big jump in digital payments in the Philippines. Last year, digital payments made up 52.8% of all retail transactions, up from 42.1% in 2022. This shows more people and businesses are switching to digital solutions.

With these launches, BSP aims to push digital payment adoption further. The RTP and Direct Debit services will make digital transactions more convenient and support the shift to a digital economy. These initiatives are expected to benefit everyone, from individual users to large companies, boosting financial inclusion and economic growth.

These new tools will make managing money easier. Users can handle their finances and transactions quickly and securely. Businesses will see better cash flow and faster transaction processing. BSP’s work with industry partners highlights the need for a unified approach to digital payments, ensuring all platforms work well together.

What do you think about this new Payment service from BSP, Let us know in the comment below.