Growsari, the leading B2B ordering and store solution platform in the Philippines, is targeting to have 200,000 sari-sari (mom and pop) stores to start accepting QR payments by 2023.
Growsari’s Head of Financial Services Sandeep Bhalla said as they reach out to micro small and medium enterprises and Filipino consumers to use their app. Growsari has begun to install QR PH codes across their network this October 2022.
The company has urged sari-sari stores to accept QR digital payments as part of its campaign for financial inclusion through safe payment platforms.
Bhalla noted that small physical retail sectors have always been underrepresented and underbanked, mainly because they are technologically-marginalized and logistically difficult to organize as a group.
And with the pandemic accelerating the shift to digital, store owners are feeling the pressure to adjust to the new landscape. Thus, Bhalla said Growsari continues to bridge the gap between financial institutions and sari-sari stores by rolling out Universal PH QR codes, in partnership with Instapay-approved member institutions.
Quick Response, or QR technology, involves a safe and secure payment method and benefits customers through faster, easier and cheaper payment options with greater convenience. Through Growsari, sari-sari stores can now accept digital payments from their customers (sukis), making them more competitive and leveling the playing field between small and large retail stores. Sukis just need to look for the Sariclub QR code displayed in the front of the neighborhood store, and scan to pay using their preferred bank or wallet.
“We are pleased to show support for BSP's initiative for a cashless society through QRPH to our market. This also strengthens Growsari’s commitment to assist MSMEs to adapt to the age of digitalization and to modernize their store operations,” said Bhalla in a statement.
Each transaction paid by suki to the store will be instantly available on the store's wallet in the Growsari app, and all transaction receipts and records are easily accessible. By driving digital payments, Growsari is educating and enabling store owners to track their daily earnings and minimize errors on balancing their manual cash ledgers.
“We are entering into a new normal after the pandemic. And Growsari is building a digital ecosystem which is inclusive and easy to understand for the millions of mom-and-pop stores in the country. We are confident the initiative will facilitate better store management and an efficient digital payments gateway to the local communities,” explained Bhalla.
All digital payments received through the QR code are credited on their Growsari merchant wallet that can be used seamlessly for all other Growsari transactions such as ordering FMCG and E-service products like load, bills or wallet top-ups without the restrictive limits of personal wallets.
Growsari user and sari-sari store owner, Yvonne Bautista cited how the platform has being helping small retailers catch up to the times. “We can already accept payments through QR codes, which goes directly to our Growsari wallet that we can use to pay other suppliers. There are also higher transaction limits in Growsari compared to my other personal apps,” said Bautista in Tagalog.
And to fully help stores in adapting and using Digital wallets in app, field agents visit stores frequently to facilitate instant top ups for store owners who don't have any bank accounts.
GrowSari started in 2016 as an ordering platform servicing sari-sari stores in roughly three cities. Today, GrowSari powers the management, growth, and analytics infrastructure across 400 municipalities and in 20 key cities. In addition to providing affordable, on-demand inventory, as well as working capital loans, GrowSari’s platform also generates crucial data and insights into the operations of these stores for manufacturers and distributors to build their strategies and campaigns upon. GrowSari has also integrated multiple microservices such as telco load, bills pay, e-commerce, wifi, and other e-services, allowing store-owners to maximize their capital in one wallet and easily expand their business.