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Manila Bulletin devider Business devider Banking & Finance devider BSP rolls out Paleng-QR Ph in Calamba

BSP rolls out Paleng-QR Ph in Calamba

Published Nov 27, 2023 07:42 am

The Bangko Sentral ng Pilipinas (BSP) has launched Paleng-QR Ph Plus in Calamba, Laguna to enable market vendors, business establishments, and public utility vehicle (PUV) drivers in the city to use digital payments.

QR or quick response payments provide a safe, convenient, and efficient channel of making and receiving payments for both merchants and customers.

The BSP rolled out the Paleng-QR Ph on Nov. 20 in Calamba, the 14th city to have the QR-enabled payments which is a nationwide central bank initiative to promote digital payments in public markets, transportation hubs, and other business locations. It is a joint initiative of the BSP and the Department of the Interior and Local Government (DILG) to widen the use of QR Ph.

According to BSP Deputy Governor Bernadette Romulo-Puyat, “with digital transaction accounts, users can track their finances, reduce extra spending, and budget more effectively. Plus, these accounts open the door to other financial tools like insurance, investments, and savings.”

The launching ceremony was led by BSP South Luzon Regional Office Director Tomas J. Cariño and Executive Assistant to the City Mayor Rhyan Francia, who represented Calamba City Mayor Roseller H. Rizal.

A total of 476 vendors in the Mercado de Calamba and 10,000 tricycle drivers and operators were invited to join the program, said the BSP.

More vendors and PUV drivers are expected to be onboarded with the ordinance from the Sangguniang Panlungsod of Calamba encouraging the use of digital payments, it added.

Calamba City is the first local government unit in Laguna and the 14th in the Philippines to officially launch the Paleng-QR Ph Plus program, following the cities of Baguio, Davao, Tagbilaran, Naga, Lapu-Lapu, Pasig, Bacolod, Victorias, Mandaue, Ozamiz, Cotabato; and the towns of Camiling in Tarlac and Carmona in Cavite.

“The nationwide program supports the central bank’s thrust to convert half of the total volume of retail payments in the country into digital form and to onboard 70 percent of Filipino adults to the formal financial system by this year under the BSP’s Digital Payments Transformation Roadmap 2020-2023,” said the BSP.

Last May, the BSP signed a memorandum of agreement (MOA) with the Department of Agriculture-Regional Field Office-Cordillera Administrative Region to onboard farmers and other agricultural players to the Paleng-QR Ph.

The BSP said the MOA includes financial education programs on the effective use of digital payments in business, financial services for micro and small enterprises, and consumer protection.

The MOA expands the scope of Paleng-QR Ph participants from Baguio City’s public market vendors, public transport drivers, and other merchants who joined the program in August last year, to now include the region’s agricultural supply chain players

Last year, to further increase the use of e-payments, the BSP launched the QR Ph person-to-merchant (P2M) payment facility which was cost-effective since it does not require expensive point of sale or data capture terminals.

Basically, the QR Ph P2M is an interoperable digital payment between customers and merchants even if they maintain accounts with different financial service providers. It may also be used for bills payment in the future.

To spread QR Ph use across the country, the BSP introduced the Paleng-QR Ph Plus program in mid-2022 with the DILG to help local government units bring QR Ph to public markets and transport hubs for tricycles.

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