The Bangko Sentral ng Pilipinas (BSP) is set to introduce its Request to Pay (RTP) and Direct Debit facilities to boost digital payment adoption in the Philippines.
BSP Request to Pay
BSP Deputy Governor Mamerto Tangonan announced the launch of the RTP Cash-In Service in the second half of this year, allowing e-money users to top up their accounts using any bank or e-wallet platform.
Next year, they will also launch an RTP use-case for e-commerce, aiming to make online payments more interoperable and convenient. This initiative follows a significant rise in digital payments, which accounted for 52.8 percent of total retail transactions last year, up from 42.1 percent in 2022.
The RTP system will enable payees to request payments directly from payers, enhancing control over outgoing payments and improving cash flow visibility. Additionally, the bank is collaborating with industry partners to pilot the Direct Debit facility this year, which will allow customers to manage recurring payments more efficiently.
via Philstar