BrandedUp in partnership with
Digital financial services leaderPayMayaisthe first financial technology firm in the country to adoptQRPhfor merchants, the nationalquick response (QR)code standardforconsumer-to-businesspayments launched by theBangkoSentralng Pilipinas (BSP)today.
With PayMaya's rollout ofQRPhto its merchant partners, businesses can easily accept cashless and contactless payments not just from a PayMaya wallet user but also from any accountholder ofQRPhparticipating 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,” saidShailesh Baidwan, president of PayMaya.
As a participating institution,PayMayais now rolling out theQRPhstandard to its more than 116,000merchant partners using its payment devices, gateway, andQRdisplays.PayMayais the largest non-bank payment acquirer in thePhilippines, 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, includingsari-saristore owners.
For merchants, this means a more streamlined payment acceptance experience,eliminatingthe need tousemultipleQRcodes catering to single wallets or accounts.
Building towards a CashlessPhilippines
During theQRPhfor merchantslaunch,BaidwanreaffirmedPayMaya'sthrust for safer, faster, and more inclusive digital payments experience.
"As we conquer the New Normal,QRPhfor retail payments will surely getmore businesses--from micro and small enterprisesto the largest merchants--to go digital as more Filipinos can now easily and safely do interoperable digital payments usingtheirmobilephones," Baidwan said during his remarks at the virtual launch event.
"QRPhmakes digital payments easier for merchants and consumers,help spur cashlesscommerce,and promote inclusivity," he added.
Initial participating financial institutions for the initiative includeAll 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 targetsto achieve a “cash-lite” economy by 2023. Under itsDigital Payments Transformation Roadmap, the BSP envisions to convert 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,PayMayaalso became the first e-wallet in thePhilippines to adopt theQRPhstandard for person-to-person payments, allowingPayMayausers to receive fund transfers fromother participating banks and e-wallets by simply scanning theQRPhcode in theirPayMayaapp.
“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 theirphysical stores or online,”Baidwan said.
PayMayais the only end-to-end digital payments ecosystem enabler in thePhilippines with platforms and services that cut across consumers, merchants, communities, and government.Through its enterprise business, it is the largest digital payments processor for key industries in the country including "everyday" merchants such as the largest retail, food, gas, and eCommerce merchants as well as government agencies and units.
Through its app and wallet,PayMayaprovides over 28 million Filipinos with access to financial services. Customers can conveniently pay, add money, cash out orremitthrough its over 200,000 digital touchpoints nationwide.
Its Smart Padala by PayMaya network of over 37,000 partner agent touchpoints nationwide serves as last-mile digital financial hubs in communities, providing the unbanked and underserved with access to digital services. To know more about PayMaya's products and services, visit their website or follow on Facebook, Twitter and Instagram.
Editor's Note: This article was provided by PayMaya.