BSP and DILG brings QR payment technology for market vendors and tricycle drivers!

BSP recently signed a partnership agreement with DILG to advocate digital payments in public markets and tricycle hubs.

Templates for market vendors and tricycle drivers (Photo from BSP)

QR payment option soon in public markets and tricycle hubs?

The Paleng-QR Ph program seeks to build the digital payments ecosystem in the country to foster cashless payments in public markets and local transportation by identifying the respective responsibilities of the BSP, the DILG, LGUs, and financial service providers (FSPs).

DILG Secretary Eduardo M. Año and BSP Governor Benjamin E. Diokno (Photo from Bombo Radyo Roxas)

Both DILG Secretary Eduardo M. Año and BSP Governor Benjamin E. Diokno signed the joint memorandum circular  in a ceremony at the Bangko Sentral ng Pilipinas held a week ago. The circular enables the launch of the Paleng-QR Ph program in select local government units (LGUs). 

Diokno explained that the new program emphasizes their strong belief that LGUs play an essential role in financial inclusion. He added,

By promoting QR Ph digital payments in all public markets and local transportation hubs across the country, the program aims to bring the welfare-enhancing benefits of digital finance innovations to our micro-and small entrepreneurs, as well as the communities they serve.

Secretary Año also encouraged LGUs to take advantage of the Paleng-QR Ph program to further boost their economic revival through safe and effective financial transactions. 

According to BSP's website, it can provide benefits to market vendors, sari-sari stores, and tricycle drivers. It will result in financial inclusion, better client experience, and lessen the risk of theft and fake bills.

Under the new QR program, LGUs are assigned to facilitate the onboarding of target users to a transaction account. They may organize an "account opening day" with the help of financial service providers (FSPs) who already have QR Ph capabilities.

FSPs under the program will help assist customers/participants and provide QR code printouts. Allegedly, an LGU may partner with as many FSPs as considered appropriate.

The DILG and BSP jointly devised the Paleng-QR Ph program, inspired by student policy competition finalists from the University of the Philippines - Los Baños in last year's BSP Youth Summit.

What do you think?

Source: Philippine Star