Lapu-Lapu to introduce cashless transactions

CEBU, Philippines —  The Lapu-Lapu City Government, in partnership with the Bangko Sentral ng Pilipinas and the Department of the Interior and Local Government, will introduce a program for cashless transactions in the city's establishments and transportation on February 17, 2023.

In line with this, starting today, February 3, the city government will conduct an information drive and encourage financial literacy among market sellers and public transportation drivers about this initiative.

The program dubbed as the Paleng-QR PH Program was adopted last year. The city government was the first local government unit to legislate an ordinance implementing it.

According to the city’s Public Information Office, there will be "onboarding," or registration, of merchants and stakeholders with financial service providers during the upcoming program launch.

These providers include banks and electronic money issuers, including GCash, Maya, and StarPay, for individuals who do not yet have bank accounts.

This joint initiative of the city government aims to encourage and support the use of digital payments by market vendors, local business owners, tricycle operators, and drivers not only within the city but also in other municipalities around the nation.

With the program, merchants won't have to worry about loose change for sales, and ripped bills won't be given to customers.

It added that schemes for cashless payments also aid in lowering the danger of virus transmission.

It can be recalled that on June 21, 2022, the DILG and the BSP signed a joint memorandum circular enjoining LGUs to implement the Paleng-QR Ph program.

The Paleng-QR Ph program, jointly developed by BSP and the DILG, aims to build the digital payments ecosystem in the country by promoting cashless payments in public markets and local transportation, particularly tricycles.

According to BSP, capitalizing on the QR Ph initiative, the program seeks the policy championship and enjoins local government units (LGUs) to push for the acceptance of digital payments among market vendors, community shopkeepers, and tricycle operators and drivers (TODA) in all cities and municipalities in the country.

The Paleng-QR Ph program highlights the significance of market purchases and local transportation fares as basic components of an average Filipino’s typical payment pattern. —  GMR (FREEMAN)