All-in-one money app Maya accelerates the adoption of QR Ph as it joins the Bangko Sentral ng Pilipinas (BSP) and the Department of Interior and Local Government (DILG) in the launch of Paleng-QR Ph in Baguio City recently.
The Paleng-QR Ph program aims to digitalize transactions at the community level, starting with public markets and local transportation. The program enables vendors and tricycle drivers to accept digital payments from customers via QR Ph, the national standard for QR payments. Maya’s QR codes are QR Ph-compliant, and its app can scan any QR Ph-powered transaction.
“Public markets are the vibrant hubs of local economies, connecting local and regional food producers, businesses, and transport providers to consumers. Creating the ‘digi-palengke’ experience with QR Ph and Maya’s all-in-one money platform will accelerate digital adoption and financial inclusion at the grassroots level,” said Orlando B. Vea, founder and CEo of PayMaya and co-founder of Maya Bank.
First to adopt the Paleng-QR Ph program is Baguio City, the country’s summer capital, known for its clean and organized public market. BSP Governor Felipe Medalla and Baguio City Mayor Benjamin Magalong kicked off the program in ceremonies at the city’s Malcolm Square.
Even before the rollout of Paleng-QR Ph, Maya has been equipping Baguio City merchants with the QR Ph-enabled Maya QR. These include market vendors, public utility drivers, bus stations, hotels, restaurants, groceries, pasalubong centers, and tourist spots.
“On top of digitalizing the public market, we’re enabling the city’s end-to-end ecosystem from sari-sari stores to government offices and large merchants. And we’re doing this all over the Philippines,” said Khurram Malik, COO at PayMaya.
Maya is the first fintech brand to adopt QR Ph person-to-person (P2P) payments in 2019 and person-to-merchant payments (P2M) in 2021. Since then, Maya has adopted the country’s interoperable QR Ph standard across its end-to-end digital payments ecosystem.