BSP, DILG sign deal to bring digital payments to public markets, tricycle hubs

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="A customer pays using his PayMaya app in one of the " cashless="" launched="" by="" the="" City="" of="" Manila="" all="" around="" allowing="" vendors="" to="" receive="" payments="" via="" PayMaya="" QR.="" Handout="" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2020/business/07/26/paymayastalls.jpg"/><figcaption>A customer pays using his PayMaya app in one of the &quot;cashless stalls&quot; launched by the City of Manila all around the nation&#x27;s capital, allowing vendors to receive payments via PayMaya QR. Handout/File</figcaption></figure></div>MANILA — The Bangko Sentral ng Pilipinas on Friday said it signed a deal with the Department of the Interior and Local Government to bring digital payments to public markets and tricycle hubs.The 2 agencies signed a joint memorandum circular on the Paleng-QR Ph program to push for the acceptance of digital payments in the grassroots level with the help of local government units across the country.Paleng-QR Ph will promote cashless payments in public markets and local transport hubs to demonstrate the practicality of owning accounts for average Filipino consumers, the BSP said. Under the program, the LGUs will assist in the onboarding of target users by organizing transaction account opening days with financial service providers that have QR payment capabilities. Meanwhile, financial service providers will set up customer assistance booths, including QR code printouts, during the account opening days, it added.“The Paleng-QR Ph program underscores our firm belief that financial inclusion is a whole-of-nation undertaking and highlights the particularly crucial role of the local government units,” BSP Governor Benjamin Diokno said.“By promoting QR Ph digital payments in all public markets and local transportation hubs across the country, the program aims to bring the welfare-enhancing benefits of digital finance innovations to our micro- and small entrepreneurs, as well as the communities they serve,&quot; he added.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/07/21/bsp-digital-transformation-sari-sari-stores-tricycle-driver">BSP&#x27;s digital dream: Electronic payments for sari-sari stores, tricycle drivers</a></li></ul>The BSP has approved a standard QR payment technology to make the system interoperable and easier to use. It has also approved digital banking licenses to widen the reach of online payments and financial services in the country.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/advertorial/business/05/04/21/this-fintech-firm-makes-contactless-payments-easier-with-qr-ph">This fintech firm makes contactless payments easier with QR Ph</a></li>	<li><a href="https://news.abs-cbn.com/business/11/20/19/bangko-sentral-launches-standardized-qr-platform-for-digital-payments">Bangko Sentral launches standardized QR, platform for digital payments</a></li>	<li><a href="https://news.abs-cbn.com/business/11/03/21/digital-banks-to-help-drive-economic-recovery-says-bsp">Digital banks to help drive economic recovery, says BSP</a></li></ul>DILG Secretary Eduardo Año said the Paleng-QR Ph program could further boost the economic recovery from the COVID-19 pandemic through effective financial transactions. “This ceremonial launching signals the start of our duty to disseminate this transformative initiative to our kababayans at the grassroots level as well as the private sector who will directly benefit from these guidelines,” Año said.The central bank aims to digitalize 50 percent of payments next year and onboard at least 70 percent of the adult population to the formal financial system by 2023 under its Digitalization Roadmap.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/04/05/22/bsp-on-track-to-digitalize-50-pct-of-payments-by-2023">BSP on track to digitalize 50 percent of payments by 2023: Diokno</a></li>	<li><a href="https://news.abs-cbn.com/business/10/18/21/1-in-5-payments-now-digital-says-bsp">BSP says 1 in 5 payments now digital; InstaPay overtakes ATM withdrawals in 2020</a></li></ul>

The central bank said it signed a deal with the interior department to bring digital payments to public markets and tricycle hubs.

BSP, DILG sign deal to bring digital payments to public markets, tricycle hubs | ABS-CBN

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BSP, DILG sign deal to bring digital payments to public markets, tricycle hubs

ABS-CBN News

Published Jun 24, 2022 11:31 AM PHT

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