22.7 C
Cagayan de Oro
Monday, February 6, 2023
spot_img
HomeAdvertisementsBSP and PPMI Launch “BILLS PAY PH”

BSP and PPMI Launch “BILLS PAY PH”

In line with continuing efforts to digitalize the country’s retail payments landscape, the Bangko Sentral ng Pilipinas (BSP) and the Philippine Payments Management, Inc. (PPMI) launched “Bills Pay PH” today.

Bills Pay PH facilitates digital transactions between accounts from different payment service providers (PSPs). 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.

The BSP Governor likewise expressed optimism that this new facility will take the central bank closer to its goals of digitalizing at least half of retail payments and financially including at least 70% of Filipino adults in the country by 2023.

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

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 Corporation, BDO Unibank Inc., China Banking Corporation, Philippine National Bank, Queen City Development Bank, Inc., Rizal Commercial Banking Corporation, Tayocash Inc., Union Bank of the Philippines, Universal Storefront Services Corporation (USSC) Money Services, Inc. and Wealth Development Bank Corporation can now make digital payments to almost 500 onboarded billers.

Meanwhile, participating billers that maintain accounts with AllBank (A Thrift Bank), Inc., BDO Unibank Inc., Bank of the Philippine Islands (BPI) CIS Bayad Center, Metropolitan Bank and Trust Company, Rizal Commercial Banking Corporation, Tayocash Inc., Union Bank of the Philippines, USSC Money Services, Inc., and Wealth Development Bank Corporation are able to receive online payments from a wider set of customers.

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.[1] The list will grow as more billers are onboarded.

####

Bills Pay PH
Frequently Asked Questions (FAQs)

  1. What is Bills Pay PH?
    Bills Pay PH is a new interoperable facility that would allow customers to pay their bills for utility, rent, subscription, credit cards, loan amortizations and other periodic or recurring financial obligations. Interoperability means that digital payments can be made between payers and billers even if they maintain accounts with different payment service providers (PSPs). In the Bills Pay PH facility, transactions can be performed either by scanning or uploading the QR Ph1 Person-to-Biller (P2B) code, or by manually inputting the payment details for the non-QR mode of payment.
  2. How is it different from current bills pay services of financial institutions?
    Prior to the launch of this facility, customers can only pay billers that have an existing arrangement with the same PSP that they maintain an account with. With this facility, a customer can now make payments to a biller even if that biller has no existing arrangement with the customer’s PSP.

This facility also enables seamless user experience with the use of QR Ph codes when paying since customers need not manually type in the payment details.

  1. How can I use Bills Pay PH?
    Customers can use this facility through two (2) modes: (a) QR Ph or (b) non-QR mode.

Using QR Ph P2B
i. Open your preferred banking or e-money issuer (EMI) mobile app and choose “Pay via QR”.
ii. Scan the QR code provided by your biller.
iii. Check the details and approve the transaction. You will receive a confirmation of a successful transaction.

Using Non-QR mode
i. Open your preferred banking or EMI mobile app and choose “Pay Bills”
ii. Find the biller you want to pay from the list.
iii. Fill in the details such as subscriber/account number, amount to be paid.
iv. Check the details and approve the transaction. You will receive a confirmation of a successful transaction.

  • You may notice that, in most cases, the procedure to perform non-QR payments in the new facility may be similar to the traditional way of paying bills via app.

QR Ph is the national QR Code standard in the country

  1. What are the applicable fees for using the Bills Pay Ph facility?
    Customers will not be charged any service fees for paying their bills using Bills Pay PH.
  2. Who are offering the service?
    Currently, customers can pay using this new facility as long as they maintain an account with the following PSPs:

The list of participating PSPs is set to expand as more financial institutions are working towards being onboarded into Bills Pay PH in the near future.

RELATED ARTICLES
- Advertisment -spot_imgspot_img

Most Popular

Recent Comments