All-in-one money app Maya launched the Paleng-QR PH initiative at Bankerohan Public Market in Davao City.
Spearheading the “digi-palengke” program is the Davao City Government with the support of the Bangko Sentral ng Pilipinas (BSP) and the Department of Interior and Local Government (DILG). Also supporting the launch are network and mobile communications provider PLDT and Smart Communications.
“By promoting the interoperable QR PH national standard codes, Paleng-QR PH creates a simple but more powerful digital finance experience at the local community level. At Maya, we fully support Davao City’s vision to build a stronger digital ecosystem,” said Orlando Vea, CEo and founder, Maya and co-founder, Maya Bank.
The Paleng-QR Ph program aims to digitalize transactions starting with public markets and local transportation. The program enables vendors and tricycle drivers to accept digital payments from customers regardless of their e-wallet or bank accounts via QR Ph, the national standard for QR payment. Maya’s QR codes are QR Ph-compliant, and its app can scan any QR Ph-powered transaction.
Creating digi-palengkes is part of Maya’s own LGUs Embracing and Accelerating Digitalization (L.E.A.D). Through this program, Maya equips local governments like Davao City with business-in-a-box payment acceptance solutions and disbursement tools to enable faster public service delivery.
BSP QR Ph initiative
Maya is the first digital financial services platform to adopt QR Ph. More than 52 million users can enjoy a seamless experience using Maya’s consumer platforms that can send and accept P2P payments from other QR Ph-participating financial institutions.
Non-Maya users can pay at over 800,000 QR Ph-enabled Maya merchants, which are present in 96% of the total cities and municipalities.
The BSP’s QR Ph initiative is part of the overall financial services transformation roadmap of the Philippines. It aims to raise Filipinos’ trust in digital financial services, as consumers and enterprises will get used to sending and receiving cashless payments for everyday transactions.
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.
“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.