Marcos eyes cashless payments in markets, local transport
Published Jun 02, 2023 04:46 am
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Updated Jun 02, 2023 04:46 am
President Ferdinand "Bongbong" Marcos Jr. supports the Paleng-QR Ph Plus Initiative that promotes cashless payments in public markets and local transportation in the country.
Paleng-QR Ph Plus Initiative (BSP Screenshot)
Marcos expressed his support during a meeting with the Private Sector Advisory Council (PSAC) Digital Infrastructure Cluster discussing recommendations to further improve the country’s digital infrastructure. The Paleng-QR Ph Plus program aims to build the digital payments ecosystem in the country by promoting cashless payments in public markets and local transportation, particularly tricycles. It was jointly developed by the Bangko Sentral ng Pilipinas (BSP) and the Department of the Interior and Local Government (DILG). During the meeting held on Thursday, June 1, PSAC Member Ernest Cu, President and CEO of Globe Telecom, described the use of quick response (QR) codes and other digital payment apps as a “home run” for the government. “We have to do it. It’s a grassroots level approach. There are also videos on YouTube and we also have Tiktok to get people to educate themselves. And if you use the app regularly, you will see it being offered to you on the app,” Cu said, noting the country’s very high technology adoption rate. The President also ordered government agencies to educate Filipinos on the use of e-wallet and other digital payment apps to prop up economic activities, particularly with the inclusion of micro, small and medium enterprises (MSMEs). The adoption of QR codes and use of digital payment apps will make savings and loan applications in banks a lot easier for the public, especially the farmers, fisherfolks and small businesses, according to PSAC members. At the same time, the government could eliminate the 5-6 lending and similar money lending businesses thus making the cost of running MSMEs, which are the main drivers of the economy, go down. The e-commerce platforms including the Bangko Sentral ng Pilipinas (BSP) have teams going around the country conducting information and education campaigns on Paleng-QR Ph Plus, which was launched in 2022, in different cities and local government units (LGUs). "Mr. President, this one has a big impact on financial inclusion because the problem is there’s no way for banks to assess their credit scores, but if we have a digital database with their payment habits, that will be a substitute and a good proxy for credit scoring.This actually helps in the financial inclusion advocacy of the BSP and the government,” BSP Governor Felipe Medalla said. Aside from rallying support for Paleng-QR Ph Plus Initiative, PSAC made new recommendations for the President’s approval, including the adoption of the National Cybersecurity Plan (NCSP) 2023-2028 and the Connectivity Index Rating System.
Paleng-QR Ph Plus Initiative (BSP Screenshot)
Marcos expressed his support during a meeting with the Private Sector Advisory Council (PSAC) Digital Infrastructure Cluster discussing recommendations to further improve the country’s digital infrastructure. The Paleng-QR Ph Plus program aims to build the digital payments ecosystem in the country by promoting cashless payments in public markets and local transportation, particularly tricycles. It was jointly developed by the Bangko Sentral ng Pilipinas (BSP) and the Department of the Interior and Local Government (DILG). During the meeting held on Thursday, June 1, PSAC Member Ernest Cu, President and CEO of Globe Telecom, described the use of quick response (QR) codes and other digital payment apps as a “home run” for the government. “We have to do it. It’s a grassroots level approach. There are also videos on YouTube and we also have Tiktok to get people to educate themselves. And if you use the app regularly, you will see it being offered to you on the app,” Cu said, noting the country’s very high technology adoption rate. The President also ordered government agencies to educate Filipinos on the use of e-wallet and other digital payment apps to prop up economic activities, particularly with the inclusion of micro, small and medium enterprises (MSMEs). The adoption of QR codes and use of digital payment apps will make savings and loan applications in banks a lot easier for the public, especially the farmers, fisherfolks and small businesses, according to PSAC members. At the same time, the government could eliminate the 5-6 lending and similar money lending businesses thus making the cost of running MSMEs, which are the main drivers of the economy, go down. The e-commerce platforms including the Bangko Sentral ng Pilipinas (BSP) have teams going around the country conducting information and education campaigns on Paleng-QR Ph Plus, which was launched in 2022, in different cities and local government units (LGUs). "Mr. President, this one has a big impact on financial inclusion because the problem is there’s no way for banks to assess their credit scores, but if we have a digital database with their payment habits, that will be a substitute and a good proxy for credit scoring.This actually helps in the financial inclusion advocacy of the BSP and the government,” BSP Governor Felipe Medalla said. Aside from rallying support for Paleng-QR Ph Plus Initiative, PSAC made new recommendations for the President’s approval, including the adoption of the National Cybersecurity Plan (NCSP) 2023-2028 and the Connectivity Index Rating System.