BSP makes its Manila HQ cashless with digital QR payments

In a bid to set an example, the Bangko Sentral ng Pilipinas (BSP) has tapped PayMaya Philippines and other e-money issuers to equip merchants selling within its headquarters in Manila with digital payment touch points.

Photo shows BSP deputy governor for resource management sector Cyd Tuaño-Amador (third from left) trying out digital payment through PayMaya QR in its headquarters in Manila in partnership with the BSP Employees Consumers Cooperative. Also in photo are Eduardo Bobier, BSP managing director for comptrollership sub-sector (leftmost) Gerardo Butardo, BSP managing director for human resource sub-sector (third from right), and Maria Teresa Payuan, acting manager of the human resource management division. PayMaya executives Raymund Villanueva, head of consumer business (second from left), and Kenneth Palacios, head of international business (rightmost) also joined them as they try out the Piso Ice Cream via PayMaya QR during the launch event on Friday, April 6

The initiative led by the banking regulator in cooperation with PayMaya — the digital financial services arm of PLDT and Smart’s Voyager Innovations — was announced during the BSP Cooperative General Assembly and Election of Officers at the BSP Manila compound on Friday, April 6.

The central bank’s more than 3,000 employees in its headquarters in Manila can now experience the convenience and value of going digital when paying with their mobile phones through PayMaya QR or using the PayMaya card.

BSP employees no longer have to carry cash when paying in the BSP Employee Cooperative Store and the BSP canteen. All they need is their smartphone to scan the QR code displayed at cashier counters with their PayMaya app or pay by dipping or swiping their PayMaya card at the installed POS terminals.

BSP employees can also use their PayMaya account to shop online or in any Visa-affiliated merchants worldwide. They will also get to enjoy the speed and convenience of using the scan-to-pay technology with PayMaya’s partner merchants nationwide.

For BSP merchants, on the other hand, accepting payments via PayMaya QR or card will mean shorter lines as they no longer need to count bills or coins for change in every transaction.

Ultimately, having payment technologies such as PayMaya QR available in the central bank headquarters is a signal that the BSP is serious with its goal to have a cash-lite economy fueled by different cashless payment options within its own compound.

The BSP aims to increase cashless transactions/ payments in the country from 1% at present to 20% by 2020. In support of this vision, PayMaya Philippines, together with FinTQ, the financial technology arm of Voyager Innovations, supports this goal as it targets to enable 30 million Filipinos with digital financial services by 2020.

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