BSP shifting to digital payments

Being one of the staunchest advocates for the country’s shift to online payments, the central bank said on Friday it would “walk the talk” by mandating that all transactions made with it—from banks paying license fees to payments for the foreclosed properties it sells—be done through digital channels.

In a statement, the Bangko Sentral ng Pilipinas said its advocacy for the National Retail Payment System raised the expectations of stakeholders on it and, as such, it would now “pursue the digitalization of its retail transactions, particularly from both its internal and external stakeholders.”

In line with BSP’s advocacy to promote digital payments and to provide its clients with accessible payment facilities especially during this pandemic, the central bank recently launched its New Order of Payment System.

The payment scheme is designed as a secure web-based system easily accessible to the public through the internet.

Its main feature is the availability of various payment channels where the BSP’s clients can pay their obligations to the BSP. Payments can be made to the BSP depository banks through over-the-counter transactions, mobile or online banking and payment gateways like Visa or Mastercard debit or credit cards.

Also in the pipeline are other payment channels such as PESONet and Instapay gateways, e-money service providers and other payment partners.

The central bank said that clients of its Asset Management Department might also use this new system to generate their own order of payment statements, inquire status and download official receipts.

Among the transactions to be collected by the BSP through the new payment system are property amortizations and lease rentals; licensing and registration fees of new banks, pawnshops and money service businesses; the sale of bidding documents and payment of bid securities; the sale of BSP corporate items, and other amounts due to the BSP.

The central bank has long advocated the shift to digital payments—a call that received fresh impetus with the advent of the coronavirus pandemic.

Earlier, BSP Gov. Benjamin Diokno urged local financial technology firms to play a bigger role in the new economy that will emerge from the coronavirus pandemic to include lending money on a retail basis.