By Malaya Business Insights
Maya, the country’s all-in-one money app and no. 1 digital bank, is leading the roll-out of the national QR standard for retail payments in the Bicol region, starting with the launch of the Paleng-QR Ph program in Naga City.
In partnership with the Bangko Sentral ng Pilipinas(BSP), the Department of Interior and Local Government (DILG), and the local government, Maya has transformed the Naga City People’s Mall into a digital market or “digi-palengke.”
“We fully support the Paleng-QR Ph initiative as it promotes financial inclusion and digital adoption at the community level. QR Ph brings modern-day convenience and, more importantly, empowers every Filipino to build a digital and financial footprint. This, in turn, allows Maya to deliver seamlessly game-changing and life-enhancing banking services such as savings, credit, and investments,” said Maya Group President Shailesh Baidwan.
The Paleng-QR PH program is one of the key initiatives under the BSP Digital Payments Transformation Roadmap. The country aims to raise the share of digital payments to 50 percent and enable 70 percent of adult Filipinos to own a financial account by end-2023.
Through the Paleng-QR program, market vendors, shopkeepers, and tricycle drivers can accept digital payments from customers regardless of their e-wallet or bank accounts via QR Ph, the national standard for QR payment. Maya’s QR codes are QR PH-compliant, and its app can scan any QR Ph-powered transaction.
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