Digital financial services company PayMaya is accelerating the rollout of the QR Ph P2M (person-to-merchant) across its enterprise partners. QR Ph P2M is the national QR standard for merchant payments fully launched by the Bangko Sentral ng Pilipinas (BSP) in October.
According to PayMaya, it has rolled out over 160,000 QR Ph P2M acceptance points across its enterprise base, which includes both online and on-ground touchpoints for all types of merchants, including large companies, government agencies, MSMEs.
With the QR Ph P2M, enterprises can provide consumers with a more convenient digital payment option because they can accept QR payments regardless of their customers’ bank or e-wallet accounts. There is no need for businesses to have several QR codes on their counters to accept payments from different financial institutions.
The full rollout of QR Ph P2M is a boost, especially for our enterprise customers, as they can start accepting payments from more consumers using just their QR Ph P2M code enabled by PayMaya,” said Shailesh Baidwan, president, PayMaya. “We support the BSP in this thrust as this is a major step toward building a stronger payment ecosystem across businesses, consumers, and government”
Consumers can now enjoy more convenient and hassle-free transactions as they no longer need to have different apps to be able to scan-to-pay a merchant’s QR code.
The full launch of QR Ph P2M means that PayMaya enterprises equipped with a QR Ph P2M code can now accept payments from consumers who have accounts with AllBank, Asia United Bank (AUB), Cebuana Lhuillier Rural Bank, China Banking Corp., Land Bank of the Philippines, Rizal Commercial Banking Corporation (RCBC), Starpay, Union Bank of the Philippines (UnionBank), and USSC Money Services Inc. (UMSI).