PayMaya Philippines Inc. became the first e-wallet in the Philippines to officially adopt QR Ph, the national QR code standard launched by the Bangko Sentral ng Pilipinas.
PayMaya users can now receive money transfers from other institutions such as UnionBank, LandBank, Chinabank, AUB and RCBC through the QR Ph code generated within the PayMaya app, represented by the QRPh logo in the middle of the code bearing the national colors of the Philippines.
QR Ph is available for person-to-person (P2P) fund transfers upon launch but will soon be expanded for merchant QR payments.
“This is yet another milestone initiative that will help accelerate the adoption of digital payments across the country. We congratulate the BSP for spearheading the launch of the national QR code standard, QR Ph, as we reaffirm our commitment at PayMaya to fully support all efforts for wider cashless adoption and financial inclusion for all Filipinos,” said PayMaya founder and chief executive Orlando Vea.
With QR Ph launched and for full implementation by June 2020, more Filipinos as well as micro and small enterprises are expected to onboard the formal financial system as they are now able to easily do inter-operable electronic fund transfers and digital payments for their day-to-day transactions using their mobile phones.
The adoption of QR Ph is a collaboration between the BSP and Philippines Payments Management Inc., the country’s payment system management body under the National Retail Payment System regulatory framework. PayMaya is a member of the PPMI.
Aside from integrating QR Ph to its app, PayMaya has been working with government agencies including the Bureau of Internal Revenue, the Social Security System, the Department of Trade and Industry, the Department of Foreign Affairs, the Department of Science and Technology and the Philippine Statistics Authority.