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BSP Deputy Governor Mamerto Tangonan is paying for his purchase at a stall in Farmer's Plaza in Araneta, Cubao by scanning the PayMaya QR Ph of the merchant using his UnionBank app.
Digital financial services leader PayMaya accelerating the rollout of the QR Ph P2M (person-to-merchant) across its enterprise partners. QR Ph P2M is the national QR standard for merchant payments fully launched by the Bangko Sentral ng Pilipinas (BSP) this October.
PayMaya was the first financial technology company to adopt QR Ph P2M when the standard was first introduced by the BSP in April this year. Since then, the company has rolled out the most number of QR Ph P2M acceptance points across its enterprise base, now at over 160,000. This number includes both online and on-ground touchpoints for all types of merchants, including large companies, government agencies, MSMEs.
"We are excited to be at the forefront of the full rollout of QR Ph P2M. It's a boost, especially for our enterprise customers, as they can start accepting payments from more consumers using just their QR Ph P2M code enabled by PayMaya. We support the BSP in this thrust as this is a major step towards building a stronger payment ecosystem across businesses, consumers, and government," said PayMaya President Shailesh Baidwan.
With the QR Ph P2M, enterprises can provide consumers with a more convenient digital payment option because they can accept QR payments regardless of their customers' bank or e-wallet accounts. There is no need for businesses to have several QR codes on their counters to accept payments from different financial institutions.
On the other hand, consumers can now enjoy more convenient and hassle-free transactions as they no longer need to have different apps to be able to scan-to-pay a merchant's QR code.
The full launch of QR Ph P2M means that PayMaya enterprises equipped with a QR Ph P2M code can now accept payments from consumers who have accounts with AllBank, Asia United Bank (AUB), Cebuana Lhuillier Rural Bank, China Banking Corp., Land Bank of the Philippines, Rizal Commercial Banking Corporation (RCBC), Starpay, Union Bank of the Philippines (UnionBank), and USSC Money Services Inc. (UMSI).
Since its pilot launch last April, PayMaya has been equipping enterprises of all sizes with QR Ph P2M. For large businesses enabled with the PayMaya One Android device and MSMEs using the Paymaya Negosyo app, the rollout of QR Ph P2M has been easier as PayMaya rolls out software updates over the air. PayMaya is also updating the QR codes of partner enterprises with the PayMaya QR standees in their physical stores.
The rollout of QR Ph is part of PayMaya's thrust in promoting greater financial inclusion by enabling more Filipino businesses to go digital on their payments acceptance. PayMaya has been introducing innovative products that make it easier for enterprises to accept any cashless payment from any Visa, Mastercard, and JCB credit, debit, and prepaid card; Bancnet and QR Ph; and other e-wallets, on top of its PayMaya wallet.
PayMaya is the only end-to-end digital payments ecosystem enabler in the Philippines, with platforms and services that cut across consumers, merchants, communities, and government.
It provides more than 41 million Filipinos with access to financial services through its consumer platforms. Customers can conveniently pay, add money, cash out or remit through its over 300,000 digital touchpoints nationwide. Its Smart Padala by PayMaya network of over 57,000 partner agent touchpoints serves as last-mile digital financial hubs in communities, providing the unbanked and underserved access to digital services. Through its enterprise business, it is the largest digital payments processor for key industries in the country, including "every day" merchants such as the largest retail, food, gas, and eCommerce merchants, as well as government agencies and units.
To know more about PayMaya's products and services, visit www.PayMaya.com or follow @PayMayaOfficial on Facebook, Twitter, and Instagram.