BSP to Launch New Digital Payment Services in the Philippines YugaTech [Video]

The Bangko Sentral ng Pilipinas (BSP) is launching its new digital payments in the Philippines with its new Request to Pay (RTP) and Direct Debit services. BSP Deputy Governor Mamerto Tangonan announced the RTP Cash-In Service will launch in the second half of this year. This service lets e-money users top up their accounts using any bank or e-wallet. It’s all about making adding funds easier and getting more people into digital wallets.

Next year, BSP plans to roll out an RTP option for e-commerce. This move aims to make online payments smoother and more user-friendly. With the RTP system, payees can request payments directly from payers, giving users more control over their spending and better cash flow visibility.

BSP is also teaming up with industry partners to pilot the Direct Debit service this year. This will help customers handle recurring payments like bills and subscriptions more efficiently by automating the process.

These new services follow a big jump …