BSP to deploy more digital payment tools

The Bangko Sentral ng Pilipinas (BSP) is deploying more digital payment tools as it ramps up initiatives to achieve its twin goals under its Digital Payments Transformation Roadmap.

-  LAWRENCE AGCAOILI

BSP Deputy Governor Mamerto Tangonan said they are working closely with the payments industry to offer consumers and businesses the tools to seize opportunities in the digital economy.

"Through strategic collaborative efforts with our industry partners, we can expand access to digital payment tools that are truly responsive to businesses' needs in the new economy," Tangonan said during a forum held recently.

Tangonan said upcoming digital payment initiatives include the re-quest to pay facility and direct debit facility.

According to the BSP official, the request to pay facility would empower payees to initiate collections by simply sending a request to pay, while the direct debit facility would enable customers to more efficiently manage recurring payments, such as monthly rentals, loan amortization, and insurance premiums.