QR Ph was introduced by the Bangko Sentral ng Pilipinas (BSP), the nation’s central bank, with assistance from BancNet and the Philippine Payments Management.
Introduced by the BSP on April 30, 2021, QR Ph allows local businesses to take payments from clients of other banking institutions and financial service providers for various transactions.
Merchants across the Philippines will soon have the option to conveniently take QR payments from various other participating banks in addition to the PayMaya digital wallet.
Other participating financial services providers for the new service include All Bank, Asia United Bank, China Bank, RCBC, Robinsons Bank, and Union Bank.
Through its app and digital wallet, PayMaya currently offers financial services to more than 28 million Filipinos. Customers can easily make payments, add money, cash out or send remittances via its more than 200,000 digital touchpoints located throughout the Southeast Asian country.
Shailesh Baidwan, President at Paymaya, stated:
“The exponential shift to digital has seen many consumers and businesses go online to avail of essential, day-to-day products and services. Our online payment gateway solutions are making it easier for businesses to swiftly ride this wave. Combined with our end-to-end suite of payment solutions, including payment acquiring and face-to-face acceptance, we hope to continuously propel this shift and support the growth of the digital economy.”
The digital economy in the Philippines is expanding rapidly with many new Fintechs offering innovative solutions.
As covered, Philippines based digital bank Tonik reports $20 million+ in deposits in less than a month after launch. Tonik has also announced a new partnership with PESONet.
As reported last month, UK’s Lendable provided a $15 million secured loan to Uploan, a Philippines based salary linked financial services provider.
As covered recently, Overseas Filipino Bank (OFBank), which is a wholly-owned subsidiary of the Land Bank of the Philippines (LANDBANK), managed to acquire (in April 2021) an operational license following the introduction of the Bangko Sentral ng Pilipinas’ (BSP) updated virtual banking guidelines.