UnionPay, co-sponsor of this year’s Cebu Business Month (CBM) unveiled secure, cost effective and easy-to-deploy QR Code payment solutions which has the potential to accelerate the country’s cashless transformation at CBM’s Innovation Summit.
QR Code payments are considered one of the simplest and efficient ways of replacing cash. Merchants or consumers simply need to display a single, unique QR code on a mobile banking app or on any printable format for payments. Setup cost involved is minimal for merchants as adopting this e-payment platform do not need installation of point-of-sales (POS) terminals at their stores.
With QR Code payment, consumers can make real time transactions easily at merchants that traditionally do not accept electronic payments, including some SMEs and independent businesses. Consumers simply use a mobile banking application that supports QR Code, without the worry of having the exact notes and coins when making purchases.
Deputy General Manager for UnionPay International Southeast Asia, Mr. Vincent Ling is optimistic about the wide-ranging benefits which QR code payments can offer. He said “The payment industry in the Philippines is growing and innovating. Coupled with a rising smartphone penetration rate, the introduction of QR Code payment in the market is timely. QR Code payment has the potential to drive more connections between businesses and consumers through secure and easy-to-use digital payment solutions. Our participation in this year’s Cebu Business Month reaffirms our commitment to grow the e-payment space not only in Cebu but across the entire nation, and we look forward to working with the various stakeholders to bring its full benefits to the people here.”
As part of UnionPay’s strategy to tailor payment solutions that suit local needs, UnionPay is increasing its acceptance network and bolstering card issuance to enable ease of payment for consumers. In the Philippines, UnionPay partners with Banco de Oro (BDO), Bank of China (BOC), Omnipay, Philippine National Bank (PNB) and RCBC Bankard to provide a wide array of payment products and services. UnionPay offers a wide range of card privileges to cardholders at any point of time through various UnionPay’s signature global campaigns.