More digitalization initiatives underway – BSP

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By Business World

Industry players and consumers will have access to more digital payments initiatives by the end of this year and into 2022.

The Bangko Sentral ng Pilipinas (BSP) is collaborating closely with the Philippine Payments Management, Inc. (PPMI), a BSP-accredited payment system management body in the Philippines, to roll out more services related to QR Ph and the PESONet.

The central bank in a statement said the person-to-merchant QR Ph scheme will have its full launch in the coming days.

“I am confident that this initiative will facilitate efficient digital payments to unbanked micro-entrepreneurs such as sari-sari store owners and tricycle drivers,” said BSP Governor Benjamin E. Diokno during a recent PPMI meeting.

The scheme was pilot-launched in April and included select merchants that use InstaPay, the retail electronic fund transfer system that facilitates transactions below P50,000. This also allows consumers with accounts in select banks to perform the person-to-merchant QR payments.

“The BSP will continue to work with the [PPMI] to ensure that every Filipino can have meaningful participation in an increasingly digital Philippine economy,” Mr. Diokno said.

Meanwhile, the BSP and PPMI are also working together to allow multiple batch settlement through PESONet by the end of this year.

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