Philippine Payments Management
Founded Year
2017About Philippine Payments Management
Philippine Payments Management is a self-governing regulatory structure. It formulates, issues, and enforces the National Retail Payment System (NRPS) governance framework in close coordination with the BSP. Its member institutions include all qualified direct clearing participants (banks and nonbank e-money issuers) in the Philippines. Philippine Payments Management was founded in 2017 and is based in Makati City, Philippines.
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Latest Philippine Payments Management News
Nov 29, 2022
By JON VIKTOR D. CABUENAS, GMA Integrated News Published November 29, 2022 6:20pm The Bangko Sentral ng Pilipinas (BSP) and the Philippine Payments Management Inc. (PPMI) on Tuesday launched “Bills Pay PH,” which allows clients of select financial institutions to make digital payments to onboarded billers. Under Bills Pay PH, transactions between accounts from payment service providers can be made through scanning or uploading the QR PH Person-to-Biller code, or by manually placing payment details. At present, the service is available to clients of AllBank Inc., Asia United Corporation, BDO Unibank Inc., China Banking Corp., Metropolitan Bank & Trust Co. (Metrobank), Philippine National Bank (PNB), Queen City Development Bank Inc., Rizal Commercial Banking Corp. (RCBC), Tayocash Inc., the Union Bank of the Philippines, and Universal Storefront Services Corporation Money Services Inc. This allows clients to transact with billers such as the Manila Electric Company (Meralco), PLDT Inc., Malayan Insurance Company, Federal Land, the College of Saint Benilde, Far Eastern University Inc., Iloilo Electric Cooperative, and Leyte V Electric Cooperative. Billers that also maintain accounts with AllBank, BDO, the Bank of the Philippines Islands (BPI), CIS Bayad Center, Metrobank, RCBC, Tayocash Inc., Union Bank, USSC Money Services Inc., and Wealth Development Bank will also be able to receive online payments. “Through our continued collaboration with PPMI, we expect to broaden the reach of the benefits of digitalization for more Filipinos, be it individuals or businesses, through more convenient, affordable, efficient, and responsive digital payment services,” BSP Governor Felipe Medalla said in an emailed statement. Former BSP governor and now Finance Secretary Benjamin Diokno in 2020 set a target to have at least half of all Philippine transactions done digitally by 2023. Medalla has stuck to this goal, but a survey conducted by the central bank showed that only a fourth of Philippine banks are on schedule with their digitalization efforts.—AOL, GMA Integrated News
Philippine Payments Management Frequently Asked Questions (FAQ)
When was Philippine Payments Management founded?
Philippine Payments Management was founded in 2017.
Where is Philippine Payments Management's headquarters?
Philippine Payments Management's headquarters is located at 8741 Paseo de Roxas, Makati City.
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