Digital financial services leader PayMaya became the first e-wallet in the Philippines to officially adopt QR Ph, the national QR code standard launched by the Bangko Sentral ng Pilipinas (BSP).
Bangko Sentral ng Pilipinas, led by BSP Governor Benjamin Diokno (center), together with the Philippine Payments Management Inc. (PPMI) member companies represented by RCBC President and CEO Eugene Acevedo (left) and UnionBank President and CEO Edwin Bautista (right), spearheaded the official launch of QR Ph, the Philippinesí national QR code standard for digital payments, at the BSP headquarters in Manila.
PayMaya users can now receive money transfers from other institutions such as UnionBank, LANDBANK, Chinabank, AUB, and RCBC via the QR Ph code generated within the PayMaya app, represented by the QR Ph logo in the middle of the code bearing the national colors of the Philippines.
To receive money from other banks and financial institutions, a PayMaya account holder just needs to go to the Settings section of the app and click on the QR code icon to reveal their unique QR Ph code, which is also EMV-compliant. The sender can then scan this code via their bank’s mobile app to initiate the fund transfer.
QR Ph is available for person-to-person (P2P) fund transfers today but will soon be expanded for merchant QR payments.
“This is yet another milestone initiative that will help accelerate the adoption of digital payments across the country. We congratulate the BSP for spearheading the launch of the national QR code standard, QR Ph, as we reaffirm our commitment at PayMaya to fully support all efforts for wider cashless adoption and financial inclusion for all Filipinos,” said Orlando B. Vea, Founder and CEO of PayMaya.
With QR Ph launched and for full implementation by June 2020, more Filipinos as well as micro and small enterprises are expected to join the formal financial system as they are now able to easily do interoperable electronic fund transfers and digital payments for their day-to-day transactions using their mobile phones.
Marulas Public Market vendor, Luzviminda Enriquez
“Mas maganda kung lahat ng tao, yun (QR) na nga lang ang ginagamit. At least, mabilis na, hindi na rin kami magsusukli.” (It’s better if most people will use QR because it allows faster transactions and vendors like us will not need to prepare loose change.)
Street food vendor, Rodrigo Caadan
“Mas maganda kung lahat ng tao gagamit ng isang QR code para lahat makinabang, hindi lang ako kundi lahat ng customer na gustong gumamit ng QR code.” (It’s better if we can all pay via one common QR code so that everyone can benefit, not just me, but all customers who want to use and pay via QR code.)
Tricycle driver, Jolly Mabanglo
“Ang sistemang ito ay nakakaangat po sa katulad kong tricycle driver. Nakakasabay kami sa bagong teknolohiya. Dati, sinasabi namin– ‘barya lang po sa umaga.’ Pero ngayon, ii-scan na lang yung cellphone, bayad na po.” (With this system, I can keep up with the latest technology. We used to say every morning – give the exact change. But now, riders can just scan the QR and pay.)
The adoption of QR Ph is a collaboration between the BSP and the Philippines Payments Management, Inc. (PPMI), the country’s Payment System Management Body under the National Retail Payment System (NRPS) regulatory framework. PayMaya is a member of the PPMI.
(Left to right): BancNet EVP and CEO Aristeo Zafra, Jr., Philippine Payments Management, Inc. (PPMI) President Abraham Co, RCBC President and CEO Eugene Acevedo, LANDBANK President and CEO Cecilia Borromeo, Bangko Sentral ng Pilipinas Governor Benjamin Diokno, PayMaya Founder and CEO Orlando B. Vea, UnionBank President and CEO Edwin Bautista, PPMI General Manager Carmelita Araneta, and PPMI Chairman Justo Ortiz.
Aside from integrating QR Ph to its app, PayMaya has also been working with government agencies including the Bureau of Internal Revenue (BIR), the Social Security System (SSS), the Department of Trade and Industry (DTI), the Department of Foreign Affairs (DFA), the Department of Science and Technology (DOST), the Philippine Statistics Authority (PSA), the Tourism Infrastructure and Enterprise Zone Authority (TIEZA), the Professional Regulation Commission (PRC), and the National Home Mortgage Finance Corporation (NHMFC), as well as Valenzuela City, Quezon City, and Manila City, among others, to integrate card and emerging digital payments acceptance within their respective online and branch office services.
Rice farmer, Emilia Labantino
“Napakalaki po ng maitutulong niya sa akin dahil hindi na ako pupunta sa iba’t-ibang bangko para makipag transact, kundi i-iscan mo lang yung QR ay pwedeng-pwede mo na gamitin.” (It’s a big help for me because now, I do not need to go to different banks to transact. You just need to scan the QR code to do your transactions.)
“As we work with the government and the rest of the industry to push for QR Ph and enabling card and emerging digital payments acceptance for government agencies, more Filipinos will embrace the convenience, added value, and security of going cashless,” Vea added.
PayMaya, the digital financial services arm of Voyager Innovations, is the only financial technology company in the Philippines offering integrated consumer and merchant payment solutions with the widest on-ground branch network. It is the first to give millions of Filipinos an e-wallet that allows them to pay cashless transactions at any time of the day, anywhere in the world, and from any device. It is the financial technology arm of Voyager Innovations, the leading technology company in the country backed by PLDT, KKR, Tencent, World Bank’s IFC and the IFC Emerging Asia Fund.
To know more about the products and solutions offered by PayMaya, visit www.PayMaya.com.
ADVT