More provinces adapt e-payments in markets

MANILA, Philippines, July 14 ----- The Bangko Sentral ng Pilipinas (BSP) is extending cashless payments in public markets and transportation services in more provinces nationwide.

The central bank launched the “Paleng-QR Ph Plus” in ceremonies held at the Victorias City Commercial Center and Public Market last Tuesday. In a message delivered by BSP Monetary Board Member Bruce Tolentino for BSP Governor Eli Remolona, the BSP chief said the Paleng-QR Ph Plus would accelerate digital payments adoption for greater financial inclusion of all Filipinos.

Victorias City is the second local government unit in Western Visayas and the 11th in the Philippines to launch the program after the cities of Baguio, Cebu, Davao, Naga, Tagbilaran, Pasig, Lapu-Lapu, and Bacolod; and the towns of Camiling, Tarlac and Carmona, Cavite. Spearheaded by the BSP and the Department of the Interior and Local Government, the Paleng-QR Ph Plus program encourages Filipinos to pay for goods and services through QR Ph, the national standard for electronic payments using quick response (QR) codes. By scanning merchants’ QR codes using mobile phones, customers can make payments in a safe, quick, and convenient manner.

The program is among the priority initiatives under the National Strategy for Financial Inclusion (NSFI) 2022 to 2028. The NSFI emphasizes financial resilience as an end-goal for financial inclusion, recognizing that many Filipinos, especially the poor, are facing increased vulnerabilities from the health crisis, climate change, and inevitable shifts in the economic and labor landscape.

Source: philstar.com