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Manila Bulletin devider Business devider BSP's Paleng-QR PH in 2 key cities

BSP's Paleng-QR PH in 2 key cities

Published Nov 23, 2022 04:50 pm

The Bangko Sentral ng Pilipinas (BSP) has brought Paleng-QR Ph to Davao City, the second local government unit (LGU) to implement cashless payments in public markets for vendors and tricycle drivers.

Last August, the BSP and Department of the Interior and Local Government (DILG) rolled out the first Paleng-QR Ph in Baguio City.

The BSP first announced the availability of the Paleng-QR Ph in June this year to onboard market vendors and tricycle drivers via the digital platform using the QR technology. The main objective is to promote account ownership using QR Ph which is the national QR code standard that allows transfers between participating banks and e-wallets.

E-money transactions

Since LGUs will help BSP in onboarding the targeted users to have transaction accounts, LGUs may partner with QR Ph-enabled financial service providers.

In a statement on Wednesday, Nov. 23, the PLDT group’s digital bank, Maya, said its all-in-one money app has been tapped to transform Davao City’s Bankerohan Public Market under the "digi-palengke" program. PLDT and Smart Communications are also part of this project.

Maya CEO and Maya Bank co-founder Orlando Vea said the Paleng-QR Ph will create “a simple but more powerful digital finance experience at the local community level.”

"Digital payment is the entry point of Filipinos to the financial system. As they build their financial footprint, consumers and MSMEs can access more progressive digital banking services offered by Maya," said Vea.

Maya's QR codes are QR Ph-compliant, and its app can scan any QR Ph-powered transaction. Under its LGUs Embracing and Accelerating Digitalization (L.E.A.D) program, it enables LGUs such as Davao City to have what it called business-in-a-box payment acceptance solutions and disbursement tools.

Maya currently has 52 million users.

“Maya's full support to QR PH is in line with the BSP's thrust to increase the share of Filipino adults with a financial account from 56% in 2021 to 70% in 2023 and grow the volume of digital payments from 20% in 2021 to 50% by next year,” said the company.

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