BSP and PPMI introduced Direct Debit PH, InstaPay Cash-In, and InstaPay for Business at a ceremony held at BSP’s head office on 29 July.
Direct Debit PH lets customers authorise billers to automatically collect payments from their accounts on scheduled due dates.
InstaPay Cash-In lets a user send a request for funds to another user, who can then send the funds directly from their bank or e-wallet account.
InstaPay for Business raises the maximum transfer limit for registered businesses tenfold, from PHP 50,000 to PHP 500,000.
Eli M. Remolona, Jr
“Interoperability and lower fees do more than lift transactions. They bring in more people. This is what financial inclusion looks like,” said BSP Governor Eli M. Remolona Jr. BSP Deputy Governor Mamerto E. Tangonan said the launch reaffirms the central bank’s commitment to build a payment system “for every Filipino, and every Filipino business, no exceptions,” building on the National Retail Payment System Framework.
BSP and PPMI also reminded the public that QR Ph split into QR Ph and InstaPay QR as early as 2024.
QR Ph now refers specifically to person-to-merchant payments, where merchants shoulder the transaction fee.
InstaPay QR, meanwhile, covers person-to-person transfers, which may carry fees depending on the account used.
The event was held as part of BSP’s 33rd anniversary month-long activities.
Part of a Broader Push Toward Interoperable Payments
