PayMaya is the first financial technology firm in the country to adopt QR Ph for merchants. The national quick response (QR) code standard for consumer-to-business payments was launched yesterday by the Bangko Sentral ng Pilipinas (BSP).
With the rollout of QR Ph to its merchant partners, businesses can easily accept cashless and contactless payments not just from a PayMaya wallet user but also from any account holder 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.”
Shailesh Baidwan, President of PayMaya
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. The company is the largest non-bank payment acquirer in the country and it enables all types of enterprises to accept cashless payments.
During the QR Ph for merchants launch, Baidwan reaffirmed PayMaya’s thrust for safer, faster, and more inclusive digital payments experience.
“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 Bak, 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, it 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.
PayMaya also became the first e-wallet in the Philippines to adopt the QR Ph standard for person-to-person payments in late 2019. This allowed its users to receive fund transfers from other participating banks and e-wallets by scanning the QR Ph code in the PayMaya app.
“With cashless payments now the default for many Filipinos, we are committed to introducing new innovations that will help both consumers and merchants safely and conveniently accept digital payments for purchases, whether it’s in their physical stores or online,” Baidwan said.