BSP, PPMI launch new digital payment services

• Photo courtesy of BSP, PPMI

The Bangko Sentral ng Pilipinas (BSP) and the Philippine Payments Management Inc. (PPMI) launched three digital payment initiatives aimed at making transactions more accessible and convenient for individuals and businesses.

The BSP and PPMI introduced Direct Debit PH, InstaPay Cash-In, and InstaPay for Business during a ceremony at the BSP Head Office on Wednesday, July 29.

“Interoperability and lower fees do more than lift transactions. They bring in more people. This is what financial inclusion looks like. More Filipinos sending and receiving money digitally. More Filipinos making the network stronger for everyone already on it,” BSP Governor Eli M. Remolona Jr. said.

Direct Debit PH allows customers to authorize billers to automatically collect payments from their bank or e-wallet accounts on scheduled due dates.

The service may be used for recurring payments such as utility bills, subscriptions, loan payments, and other regular financial obligations.

InstaPay Cash-In, meanwhile, allows a user to send a request for funds to another person. The recipient may then approve and transfer the requested amount through a participating bank or e-wallet account.

The initiative is designed to make cash-in transactions interoperable across participating financial institutions instead of requiring users to rely on services within the same platform.

InstaPay for Business raises the maximum amount that registered businesses may transfer through InstaPay from ₱50,000 to ₱500,000 per transaction.

The higher limit is expected to support business payments, including supplier transactions, payroll-related transfers, and other operational expenses.

“This launch reaffirms the BSP’s commitment to build a payment system for every Filipino, and every Filipino business, no exceptions. This started with the National Retail Payment System Framework, which is the blueprint for a safer, faster, and more reliable and interoperable payment system,” BSP Deputy Governor Mamerto E. Tangonan said.

The BSP and PPMI also clarified the distinction between QR Ph and InstaPay QR.

QR Ph now refers to person-to-merchant payments, where transaction fees are shouldered by merchants. InstaPay QR is used for person-to-person fund transfers and may be subject to fees depending on the bank or e-wallet account used.

The naming distinction has been in effect since 2024.

The launch formed part of the BSP’s month-long activities marking its 33rd anniversary and was attended by representatives from the banking, payments, and financial technology sectors.