Money App Maya Supports the Digitization Efforts of BSP in the Philippines
Money app Maya is building initiatives to support the Bangko Sentral ng Pilipinas (BSP) push to transform the country into a cash-lite economy.
The digital bank is revamping Davao City’s biggest Bankerohan Public Market with the launch of the Paleng-QR PH initiative in Mindanao.
PLDT Inc. Smart Communications, BSP, and the Department of Interior and Local Government (DILG), together with the Davao City Government, launched the program.
Maya CEO and founder Orlando Vea, stated that by launching a coherent QR PH national standard code, the Paleng-QR PH creates a more streamlined and powerful digital finance experience at the local community level.
Vea noted, “At Maya, we fully support Davao City’s vision to build a stronger digital ecosystem.”
The Paleng-QR PH program focuses on digitizing payments on public markets and transportation. The program enables vendors and tricycle drivers to receive digital payments from customers regardless of their e-wallet or bank accounts via QR PH.
In addition, Maya’s QR codes are QR PH-compliant, and its app can scan any QR PH-powered transaction.
A part of Maya’s LGUs Embracing and Accelerating Digitalization is crafting digi-palengkes.
Through Maya’s program, LGUs are equipped with business-in-a-box payment acceptance options and disbursement tools to allow rapid public service delivery.
More than 52 million users can enjoy a smooth experience using Maya’s consumer platforms that send and accept person-to-person) payments from other QR PH-participating financial institutions.
On the other hand, non-Maya users can pay at over 800,000 QR PH-enabled Maya dealers, which are present in 96% of the total cities and municipalities.
The BSP’s QR PH initiative is part of the overall financial services transformation roadmap of the Philippines. Its goal is to lift the trust of Filipinos in digital financial services as consumers and enterprises get used to sending and receiving cashless payments for daily transactions.
Under its Digital Payments Transformation Roadmap, the BSP targets to shift 50% of total retail transactions to digital channels and raise the number of Filipino adults with bank accounts to 70% by 2023.