The Bangko Sentral ng Pilipinas (BSP) and the Philippine Payments Management, Inc. (PPMI) unveiled three new digital payment initiatives to make payments more accessible, convenient, and responsive, launching Direct Debit PH, and the interoperable initiatives InstaPay Cash-In and InstaPay for Business.
According to a report by the Philippine News Agency, the InstaPay for Business increases maximum transfers by registered businesses by 10 times from PHP50,000 to PHP500,000.
Meanwhile, the InstaPay Cash-In, enables users to transfer funds between accounts they own across participating banks and electronic money issuers.
Currently, this is available through participating banks including AllBank Inc., Bank of Philippine Islands, China Banking Corporation, GoTyme Bank Inc., G-Xchange Inc., MariBank Philippines Inc., ShopeePay Philippines Inc., and Union Bank of the Philippines.
The Philippine central bank and PPMI also reminded that the original QR Ph became QR Ph and InstaPay QR as early as 2024. This refers to person-to-merchant (P2M) payments, where merchants shoulder the transaction fees, while InstaPay QR is used for person-to-person (P2P) fund transfers, which may be subject to fees depending on the account used in the transaction.
Additionally, according to the report, Direct Debit PH allows customers to authorise billers to automatically collect payments from their accounts on scheduled due dates, enabling billers to collect payments directly from customers who have provided authorisation through a formal mandate.
