PayMaya, the Philippines-based mobile wallet that operates under PLDT (Philippine Long Distance Telephone Company), becomes the first fintech enterprise to begin using QR Ph for merchants.
Details about QR Ph
QR Ph was released by the Bangko Sentral ng Pilipinas (BSP), Philippines national central bank, in collaboration with BancNet and the Philippine Payments Management.
Introduced by the BSP on April 30, 2021, QR Ph facilitates local businesses to make payments from customers of other financial institutions for various transactions.
Additionally, merchants across the country will have an alternative to easily take QR payments from various participating banks apart from the PayMaya digital wallet.
Various other financial service providers who deliver the new service are Union Bank, China Bank, All Bank, RCBC, Asia United Bank, and Robinsons Bank.
What does PayMaya offer?
With its app and digital wallet, the Filipino fintech recently delivered financial services to over 28 million Philippine nationals. By deploying its services, customers can conveniently make payments, cash out or send remittances, and add money using over 200,000 digital touchpoints based across the Southeast Asian country.
The expert’s take
Shailesh Baidwan, President at PayMaya, said, “The exponential shift to digital has seen many consumers and businesses go online to avail of essential, day-to-day products and services. Our online payment gateway solutions are making it easier for businesses to swiftly ride this wave. Combined with our end-to-end suite of payment solutions, including payment acquiring and face-to-face acceptance, we hope to continuously propel this shift and support the growth of the digital economy.”
The digital economy in the Philippines is accelerated with several new fintechs offering innovative solutions.