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The Bangko Sentral ng Pilipinas (BSP) is set to enhance digital payment options with the launch of new Request to Pay (RTP) and Direct Debit facilities, aimed at increasing digital payment adoption across the country.
In a recent press briefing, BSP Deputy Governor Mamerto Tangonan announced that the first RTP use-case, the RTP Cash-in Service, is expected to roll out in the latter half of this year. This service will enable users to seamlessly top up their e-money accounts using any bank or e-wallet platform.
Looking ahead to 2025, the BSP plans to introduce a second RTP use-case tailored for e-commerce transactions. Tangonan highlighted that this initiative aims to address common frustrations in online payments by ensuring interoperability among various payment service providers.
According to the BSP’s 2023 Report on the Status of Digital Payments, the share of digital payments in total retail transactions surged to 52.8% in 2023, up from 42.1% in 2022. This growth is attributed to the increased use of online merchant transactions, person-to-person remittances, and supplier payments by businesses.
“Making digital payments more convenient and efficient will encourage more businesses to adopt these methods,” Tangonan said. The RTP facility will enable payees to initiate collections by sending a ‘request to pay’ rather than through traditional invoices, giving businesses and consumers better control over payments and improved cash flow visibility.
The BSP also highlighted the benefits of Direct Debit, which will allow customers to manage recurring payments—such as monthly rents, loan amortizations, and insurance premiums—by authorizing billers to withdraw funds directly from their accounts. The central bank is currently working with industry stakeholders to pilot this facility later this year.
In December, the BSP soft-launched the InstaPay RTP cash-in service, enabling users to fund their accounts or e-wallets by requesting funds through a digital platform. This initiative expanded the network of cash-in services and lowered barriers to digital payment adoption.
Overall, these new payment streams are expected to enhance the efficiency of person-to-business and business-to-business transactions, driving further growth in digital payment usage.
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