PayMaya is the first financial technology firm in the country to adopt QR Ph for merchants, the national quick response (QR) code standard for consumer-to-business payments launched by the Bangko Sentral ng Pilipinas (BSP).
With PayMaya’s rollout of QR Ph to its merchant partners, businesses can easily accept cashless and contactless payments not just from a PayMaya wallet user but also from any accountholder of QR Ph participating banks and other e-wallets.
As a participating institution, PayMaya is now rolling out the QR Ph standard to its more than 116,000 merchant partners using its payment devices, gateway, and QR displays. PayMaya is the largest non-bank payment acquirer in the Philippines, enabling all types of enterprises to accept cashless payments—from big retailers, e-Commerce players, and government to micro, small, and medium-sized (MSME) merchants, including sari-sari store owners.
For merchants, this means a more streamlined payment acceptance experience, eliminating the need to use multiple QR codes catering to single wallets or accounts.
Initial participating financial institutions for the initiative include All Bank, Asia United Bank, China Bank, RCBC, Robinsons Bank, and Union Bank.
The BSP is targeting a full nationwide rollout in September this year as it targets to achieve a “cash-lite” economy by 2023. Under its Digital Payments Transformation Roadmap, the BSP envisions to convert 50% of the total volume of retail payments into digital and increase the number of adults with financial accounts to 70% of the population.
In late 2019, PayMaya also became the first e-wallet in the Philippines to adopt the QR Ph standard for person-to-person payments, allowing PayMaya users to receive fund transfers from other participating banks and e-wallets by simply scanning the QR Ph code in their PayMaya app.