Digital financial services company PayMaya is the first financial technology firm in the country to adopt QR Ph for merchants, the national quick response (QR) code standard for consumer-to-business payments launched by the Bangko Sentral ng Pilipinas (BSP).
With PayMaya’s rollout of QR Ph to its merchant partners, businesses can easily accept cashless and contactless payments not just from a PayMaya wallet user but also from any accountholder of QR Ph participating banks and other e-wallets.
“Today marks another milestone in our mission to build a Cashless Philippines as PayMaya becomes the first fintech company to support the BSP in its effort to accelerate digital payments around the country through the launch of QR Ph for merchants,” said Shailesh Baidwan, president, PayMaya.
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As a participating institution, PayMaya is now rolling out the QR Ph standard to its more than 116,000 merchant partners using its payment devices, gateway, and QR displays. PayMaya is a non-bank payment acquirer in the Philippines, enabling all types of enterprises to accept cashless payments — from big retailers, e-commerce players, and government to micro, small, and medium-sized (MSME) merchants, including sari-sari store owners.
Multiple QR Codes
For merchants, this means a more streamlined payment acceptance experience, eliminating the need to use multiple QR codes catering to single wallets or accounts.
“As we conquer the new normal, QR Ph for retail payments will surely get more businesses, from micro and small enterprises to the largest merchants, to go digital as more Filipinos can now easily and safely do interoperable digital payments using their mobile phones,” Baidwan said. “QR Ph makes digital payments easier for merchants and consumers, help spur cashless commerce, and promote inclusivity,” he added.
Initial participating financial institutions for the initiative include All Bank, Asia United Bank, China Bank, RCBC, Robinsons Bank, and Union Bank.
The BSP is targeting a full nationwide rollout in September this year as it targets to achieve a “cash-lite” economy by 2023. Under its Digital Payments Transformation Roadmap, the BSP envisions converting 50% of the total volume of retail payments into digital and increase the number of adults with financial accounts to 70% of the population.
In late 2019, PayMaya also became the first e-wallet in the Philippines to adopt the QR Ph standard for person-to-person payments, allowing PayMaya users to receive fund transfers from other participating banks and e-wallets by simply scanning the QR Ph code in their PayMaya app.
“With cashless payments now the default for many Filipinos, we are committed to introducing new innovations that will help both consumers and merchants safely and conveniently accept digital payments for purchases, whether it’s in their physical stores or online,” Baidwan said.