Connect with us

Hi, what are you looking for?

News

Central bank-led QR payment program seen to propel digital adoption in Davao, rest of Mindanao

BANGKO Sentral ng Pilipinas Governor Felipe M. Medalla (in white-yellow shirt) looks on as Davao City Mayor Sebastian “Baste” Z. Duterte tries out the Paleng-QR code of a sweets and fruit vendor at the Bankerohan market. — BW FILE PHOTO/MAYA M. PADILLO

BANKEROHAN, Davao City’s biggest public market, was more bustling than usual on Wednesday as various banks and mobile wallet firms set up temporary shops to assist vendors and consumers, as well as tricycle drivers, in going digital.  

The on-the-spot services were delivered in time for the launch of the government’s Paleng-QR program, which aims to build up the country’s digital payment ecosystem.  

Bangko Sentral ng Pilipinas Governor Felipe M. Medalla, in his speech at the ceremony, said the introduction of the QR PH program in Davao City is seen as a launching pad for its adoption across the southern Philippine island of Mindanao.  

The central bank governor said he had conversations with market vendors, some of whom already recognize the benefits of digital payment platforms.   

“I talked to a vendor of suha (pomelo) who said ‘many tourists come to buy but not with cash, good I have G-Maya (referring to two leading money apps: GCash and Maya)’,” Mr. Medalla said in Filipino.    

He added that the vendor narrated how subscribing to the e-money firms have opened access to loans.  

“It solved not just the payment process but also access to credit,” he said. 

Bankerohan fruit vendor Grace Wenceslao said in an interview that digital payment systems have also taken away the hassle of scrambling for coins to give an exact change.  

“It’s easier for me and I don’t have to ask around and look for coins to give to the customers,” she said in the vernacular.  

The Davao City council, meanwhile, approved on Tuesday an ordinance calling on all local business establishments to use the QR PH, which serves as the national standard as it can accept payments from any e-wallet or bank.   

“This will surely help the MSMEs (micro, small and medium enterprises). The national government and the city government must do more projects to support the small entrepreneurs,” Councilor Bernard E. Al-ag, author of the ordinance, said during the launch. 

“By promoting the interoperable QR PH national standard codes, Paleng-QR PH creates a simple but more powerful digital finance experience at the local community level,” Orlando B. Vea, chief executive officer of Maya, the first digital financial services platform to adopt QR Ph, said in a statement.   

“At Maya, we fully support Davao City’s vision to build a stronger digital ecosystem,” he said.  

The Paleng-QR is a joint program of the Banko Sentral ng Pilipinas and the Department of Interior and Local Government. It was first launched in Baguio City in northern Philippines in August. — Maya M. Padillo

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

BEIJING – Three Chinese astronauts arrived on Wednesday at China’s space station for the first in-orbit crew rotation in Chinese space history, launching operation of the second inhabited outpost in low-Earth orbit after the NASA-led...

News

STOCK PHOTO Image by Pexels from Pixabay ALMATY – McDonald’s licensee in Kazakhstan was forced to temporarily close its restaurants this month after cutting ties with Russian companies and running out of supplies, three sources with...

News

SINGAPORE – Olivia Chiong and her wife feel like the Singapore government has made clear to them and their two children that they don’t belong in the city-state. So this week’s vote...

Editor’s Pick

The UK’s biggest broadband and mobile operators have today met with the government to follow up on commitments agreed in the summer to support...

News

The International Monetary Fund expects the Philippine economy to expand by 6.5% this year, matching the lower end of the government’s 6.5-7.5% goal. —...

News

FINANCE SECRETARY Benjamin E. Diokno speaks at the BusinessWorld Economic Forum at the Grand Hyatt Manila, Nov. 29. — PHILIPPINE STAR/ KRIZ JOHN ROSALES...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.