For instance, it will enable companies, including the government, to conveniently pay salaries and invoices to the bank account of choice of their employees and suppliers. Employees and suppliers will therefore no longer be compelled to open and manage several accounts just so they can receive and make payments affordably.
The second ACH will be called “InstaPay”, a real-time low-value push payment scheme for transaction amounts up to P50,000. This is a new retail payment system designed to facilitate small value payments that will be especially useful for paying for toll fees and tickets, and for ecommerce to enable MSMEs.