The Bangko Sentral ng Pilipinas (BSP) has just launched a new interoperable facility that would allow customers to pay their bills for utility, rent, subscription, credit cards, loan amortizations, and similar other 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 uploading the QR Ph1 Person-to-Biller (P2B) code or by manually inputting the payment details for the non-QR mode of payment.
During the new payment facility’s launch, Governor Felipe M. Medalla (top left) explained that Bills Pay PH has been designed to help promote the efficiency of our payment systems while supporting the country’s economic growth.
“Let us make the public confident that bills can easily be settled. When people are confident, usage will spread, and the economy will be a lot more efficient,” the BSP chief said in a press release.
Bills Pay PH will allow Filipino customers to pay bills conveniently and safely even if their bank or e-wallet accounts have different service providers than those of the billers.
Top right photo shows BSP Deputy Governor Mamerto E. Tangonan (middle) in the live demonstration of a utility bill payment, while the bottom picture captures the BSP chief together with officials from the BSP and Philippine Payments Management Inc. (PPMI).
Bills Pay PH is a joint project of the BSP and PPMI.