BSP Launches No Service Fee Digital Payment Facility ‘Bills Pay PH’

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Editing by Nathaniel Cajuday

To further push its financial inclusion and digitalization of payments efforts, the Bangko Sentral ng Pilipinas (BSP) has partnered with the Philippine Payments Management Inc. (PPMI) to launch the “Bills Pay PH” initiative, which will give consumers more options to pay their bills. The innovation was rolled out on November 29, 2022.

Digital transactions between accounts from different payment service providers (PSPs) will now be easier to perform as Bills Pay PH will serve as its facilitator. 

Consumers can now transact with about 50 billers through Bills pay PH. The billers include utility companies Meralco, PLDT, Converge, Malayan Insurance, Federal Land, Iloilo Electric Cooperative, and Leyte V Electric Cooperative. Students from universities like the College of Saint Benilde and Far Eastern University can also use Bill Pay Ph to pay their college dues.

To make the transactions even easier and digital, paying dues may be performed by scanning or uploading the QR Ph person-to-biller (P2B) code. QR Ph is the national standard for quick response codes. 

However, if customers cannot process their transaction via QR Ph, they can still manually input payment details for the non-QR mode of payment.

How to use BILLS PAY PH?

  • Using QR Ph P2B 
    • Open your preferred banking or e-money issuer (EMI) mobile app and choose “Pay via QR.” 
    • Scan the QR code provided by your biller. 
    • Check the details and approve the transaction. You will receive a confirmation of a successful transaction. 
  • Using Non-QR mode
    • Open your preferred banking or EMI mobile app and choose “Pay Bills.”
    • Find the biller you want to pay from the list.
    • Fill in the details such as subscriber/account number, and amount to be paid.
    • Check the details and approve the transaction. You will receive a confirmation of a successful transaction. 

In addition to greater convenience, customers can also have a more economical way of paying their bills as Bills Pay PH takes zero charges or fees.

List from BSP.

“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 Medalla stated.

As a result, Medalla stated that the new facility will help the central bank get closer to its goal of digitalizing at least half of retail payments and financial services, as well as at least 70% of Filipino adults in the country, by 2023.

Prior to the launch of Bills Pay PH, a biller made separate arrangements with various PSPs to electronically collect payments from their clients—which included fees. Customers also had to open an account with their biller’s PSP or line up in business centers to pay in cash. 

This is where Bills Pay PH is expected to eliminate these hassles, as customers who have accounts with AllBank, Asia United, BDO Unibank, China Banking, Metrobank, PNB, Queen City Development Bank, RCBC, Tayocash Inc., Union Bank of the Philippines, and Universal Storefront Services Corporation Money Services can now make digital payments to onboarded billers.

Moreover, participating billers that maintain accounts with AllBank, BDO Unibank, BPI, CIS Bayad Center, Metrobank, RCBC, Tayocash, Union Bank, USSC Money Services, and Wealth Development Bank are able to receive online payments from a wider set of customers.

Last month, Deputy Governor Bernadette Romulo-Puyat commended the adoption of electronic payments in malls on behalf of the central bank, as this initiative facilitates an inclusive digital payments ecosystem. (Read more: BSP Appreciates Cashless Malling — Deputy Governor)

The BSP also recognized the collective effort of the banking industry in supporting the country’s economic growth and ongoing digitalization. (Read more: BSP Recognizes Banking Industry Efforts In Supporting Economic Growth, Digitalization)

This article is published on BitPinas: BSP Launches No Service Fee Digital Payment Facility ‘Bills Pay PH’

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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