MANILA, Philippines — Digital financial services leader PayMaya is accelerating the rollout of a new payment platform using QR (quick response) code for all types of merchants to boost the efforts of the Bangko Sentral ng Pilipinas (BSP) to transform the country into a cash-lite from a cash-heavy economy.
PayMaya president Shailesh Baidwan said the financial technology company is excited to be at the forefront of the full rollout of the QR Ph person-to-merchant (P2M) platform fully launched by the central bank last month.
PayMaya has rolled out the most number of QR Ph P2M acceptance points across its enterprise base, now at over 160,000 online and on-ground touchpoints, including large companies, government agencies, as well as micro, small and medium enterprises (MSMEs).
Since the initial launch last April, PayMaya has been equipping enterprises of all sizes with QR Ph P2M. For large businesses enabled with the PayMaya One Android device and MSMEs using the Paymaya Negosyo app, the rollout of QR Ph P2M has been easier as PayMaya rolls out software updates over the air.
PayMaya is also updating the QR codes of partner enterprises with the PayMaya QR standees in their physical stores.
With the new payment scheme, enterprises provide consumers with a more convenient digital payment option because they can accept QR payments regardless of their customers’ bank or e-wallet accounts.
Likewise, consumers enjoy more convenient transactions as they no longer need to have different apps to be able to scan-to-pay a merchant’s QR code.
PayMaya has been introducing innovative products that make it easier for enterprises to accept any cashless payment from any Visa, Mastercard, and JCB credit, debit, and prepaid card; Bancnet and QR Ph; and other e-wallets, on top of its PayMaya wallet.
The only end-to-end digital payments ecosystem enabler in the Philippines provides more than 41 million Filipinos with access to financial services through its consumer platforms.
Customers can conveniently pay, add money, cash out or remit through its over 300,000 digital touchpoints nationwide. Its Smart Padala by PayMaya network of over 57,000 partner agent touchpoints serves as last-mile digital financial hubs in communities, providing the unbanked and underserved access to digital services.
PayMaya enterprises that are now equipped with a QR Ph P2M code can accept payments from consumers who have accounts with AllBank, Asia United Bank, Cebuana Lhuillier Rural Bank, China Bank., Land Bank of the Philippines, Rizal Commercial Banking Corp., Starpay, UnionBank, and USSC Money Services Inc.
The rollout of QR Ph is part of PayMaya’s thrust in promoting greater financial inclusion by enabling more Filipino businesses to go digital on their payments acceptance.
Under its Digital Payment Transformation Roadmap, the BSP has committed to shift 50 percent of total retail transactions to electronic channels and raise the number of Filipino adults with bank accounts to 70 percent by 2023.