Thursday, March 28, 2024

QR code standard for PH merchants goes live with PayMaya as first fintech onboard

The Bangko Sentral ng Pilipinas (BSP) officially launched on Friday, April 30, the national quick response (QR) code standard for consumer-to-business payments with PayMaya as the first financial technology firm in the country to adopt QR PH for merchants. 

BSP governor Benjamin Diokno (right) trying out the QR PH code standard during the launch. With him is BSP deputy governor Mamerto Tangonan (Photo from PayMaya)

With PayMaya’s rollout of QR PH to its merchant partners, businesses can now accept cashless 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 of PayMaya.  

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 said it is the largest 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. 

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 during his remarks at the virtual launch event.

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 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, 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 scanning the QR PH code in their PayMaya app. 

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