The Bangko Sentral ng Pilipinas (BSP) and the Philippine Payments Management, Inc. (PPMI) have launched three new digital payment services: Direct Debit PH and enhanced InstaPay features.
Direct Debit PH allows recurring payments, while the new InstaPay services include Request to Pay and Payment Initiation. These aim to improve financial inclusion and digital payments in the Philippines.
The launch is part of the BSP's digital payments transformation roadmap, targeting a 50% share of digital payments in total retail transactions by 2023.