MANILA — The Bangko Sentral ng Pilipinas (BSP) and the Philippine Payments Management Inc. (PPMI) launched three new digital payment services on Tuesday to make transactions more accessible, convenient, and responsive to the needs of Filipinos.
During a ceremony at the BSP head office, the two organizations introduced Direct Debit PH, InstaPay Cash-In and InstaPay for Business, expanding the country's digital payment ecosystem.
"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 Gov. Eli M. Remolona Jr. said.
BSP deputy governor Mamerto E. Tangonan said the rollout reinforces the central bank's push for an inclusive and efficient payments system.
"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, more reliable and interoperable payment system," Tangonan said.
Direct Debit PH allows customers to authorize billers to automatically collect payments from their bank accounts on scheduled due dates.
InstaPay Cash-In lets users request funds from another person's bank or e-wallet account, making it easier to transfer money digitally.
Meanwhile, InstaPay for Business raises the maximum transfer limit for registered businesses to ₱500,000 from ₱50,000, allowing companies to send larger digital payments.
The BSP said the new services aim to simplify payment transactions for both individuals and businesses.
The central bank and PPMI also reminded the public that the original QR Ph system was renamed in 2024. QR Ph now refers to person-to-merchant (P2M) payments, in which merchants shoulder transaction fees, while InstaPay QR is used for person-to-person (P2P) fund transfers, which may incur fees depending on the account used.
The launch formed part of the BSP's monthlong activities marking its 33rd anniversary and was attended by payment industry stakeholders and partners. PR
