Asia United Bank, one of the fastest growing and publicly-listed universal banks, on Monday launched the AUB PayMate Unified Card QR link that enables more than 30,000 AUB PayMate merchants to accept Mastercard and Visa payments using one QR code.
AUB senior vice president Mags Surtida said in an online briefing the latest development aimed to tap the underserved micro and small enterprises in the country.
The Unified Card QR Link is the latest feature of AUB PayMate, its all-in-one digital payment acceptance product that enables all types of merchants to accept digital payments—whether local or foreign e-wallets, bank payments and cards—from customers.
“We’ve had very good reception when we introduced our Mastercard Card QR Link in the market in 2021, which was the first of its kind in the country. This is the reason we immediately developed a Unified Card QR Link so our AUB PayMate merchants can accept both Mastercard and Visa prepaid, debit and credit card payments from their customers,” Surtida said.
She said the high cost of point-of-sale terminals deterred merchants from accepting these card payments. The globally-accepted cards also require a high transaction volume, which most micro, small and medium enterprises do not have.
“With the Unified Card QR Link, merchants, big or small, need not worry if they can meet the required volume of transactions as we made the card acceptance at no additional cost to them,” she said.
Customers can simply use their smartphone camera with an internet connection to scan the Card QR code displayed on the AUB PayMate merchants’ stores with this latest innovation.
They will be directed to a secure AUB PayMate checkout site and receive an OTP to complete and secure the transaction.
Merchants can then view the payment status in real-time using the same PayMate app they use when processing e-wallet QR transactions.
AUB’s PayMate runs parallel with the vision of the Bangko Sentral ng Pilipinas to transform the country into a cash-lite economy while driving greater financial inclusion.
The BSP aims to convert 50 percent of total retail transactions in the country into digital payments by 2023 and increase the number of Filipino adults with bank accounts to 70 percent by 2023.