Fintech starts campaign to promote QR code use
FINANCIAL technology (fintech) company Maya Bank Inc. last Sunday in Baguio City launched a campaign to jump-start the use of QR Ph in the country.
Maya Bank co-founder Orlando B. Vea said the campaign aims to digitize transactions at the community or grassroots level, starting with public markets and local transportation. The campaign hopes to enable vendors and tricycle drivers to accept digital payments from customers via QR Ph, the national standard for quick response (QR) payments. Maya’s QR codes are QR Ph compatible, and the app can scan all QR Ph-powered transactions, according to Vea, who is also the CEO of Paymaya Philippines Inc.
“Public markets are the vibrant hubs of local economies, connecting local and regional food producers, businesses and transportation providers to consumers,” Vea said in a statement. “Creating the ‘digi-palengke’ experience with QR Ph and Maya’s money platform will accelerate digital adoption and financial inclusion at the grassroots level.”
The leader added that fintech supports the “Paleng-QR Ph” program of the Bangko Sentral ng Pilipinas and the Department of the Interior and Local Government (DILG), starting with this pilot with Baguio City local governments.
BSP Governor Felipe M. Medalla and Baguio City Mayor Benjamin B. Magalong launched the program in ceremonies held at the city’s Malcolm Square.
Pre-‘Paleng-QR Ph’
EVEN before the rollout of “Paleng-QR Ph,” Vea said the fintech has equipped Baguio City merchants with the QR Ph-enabled Maya QR. These include market vendors, public service drivers, bus stations, hotels, restaurants, groceries, pasalubong centers and tourist spots.
“In addition to digitizing the public market, we are enabling the city’s end-to-end ecosystem from sari-sari stores to government offices and major merchants. And we do this all over the Philippines,” PayMaya chief operating officer Khurram Malik said in the statement.
Malik said that in recent years, Maya Bank has given suppliers in several markets tools to use to meet the QR Ph targets. Among these are: Marulas Public Market in Valenzuela City; Antipolo City Public Market in Antipolo City; Kadiwa rolling stores; and Divisoria street stalls in Manila City.
Maya Bank is the first fintech to adopt QR Ph person-to-person (P2P) payments in 2019 and person-to-merchant (P2M) payments in 2021. Since then, Maya has adopted the country’s interoperable QR Ph -standard across its end. -two-end digital payment ecosystem, according to the executives.
They added that the 50 million registered users of the Maya Bank platform use an application that can send and accept QR Ph P2P payments. Meanwhile, non-Maya users can pay at more than 700,000 QR Ph-enabled Maya Bank merchant contact points across the country.
Paymaya is one of a dozen electronic money issuers marked on the BSP’s list of InstaPay ACH participants as of July 31, 2022. It is named as a receiving-only EMI participating in QR Ph P2P mode. It is one of five EMIs named in the BSP’s list of QR Ph P2M participants.
