FINANCIAL technology company (fintech) Maya Bank Inc. launched last Sunday in Baguio City a campaign to jumpstart the adoption of QR Ph in the country.
Maya Bank Co-Founder Orlando B. Vea said the campaign aims to digitalize 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-compliant, and its app can scan any QR Ph-powered transaction, according to Vea, who is also CEO of Paymaya Philippines Inc.
“Public markets are the vibrant hubs of local economies, connecting local and regional food producers, businesses, and transport providers to consumers,” Vea was quoted in a statement as saying. “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 executive added the fintech fully 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 the Baguio City local government.
BSP Governor Felipe M. Medalla and Baguio City Mayor Benjamin B. Magalong kicked off the program in ceremonies held at the city’s Malcolm Square.
Pre-‘Paleng-QR Ph’
EVEN before the rollout of the “Paleng-QR Ph,” Vea said the fintech has been equipping Baguio City merchants with the QR Ph-enabled Maya QR. These include market vendors, public utility drivers, bus stations, hotels, restaurants, groceries, pasalubong centers and tourist spots.
“On top of digitalizing the public market, we’re enabling the city’s end-to-end ecosystem from sari-sari stores to government offices and large merchants. And we’re doing this all over the Philippines,” PayMaya Chief Operating Officer Khurram Malik was quoted in the statement as saying.
Malik said that for the past years, Maya Bank has provided vendors in several markets with tools to use to meet the QR Ph objectives. 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.
The Maya Bank is the first fintech to adopt QR Ph person-to-person (P2P) payments in 2019 and person-to-merchant payments (P2M) in 2021. Since then, Maya has adopted the country’s interoperable QR Ph standard across its end-to-end digital payments ecosystem, according to the executives.
They added the 50 million registered users of the Maya Bank platform uses 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 touchpoints nationwide.
Paymaya is one of a dozen electronic money issuers tagged in the BSP’s list of InstaPay ACH participants as of July 31, 2022. It is named as a receiving-only EMI participating in the QR Ph P2P mode. It is one of five EMIs named in the BSP’s list of QR Ph P2M participants.