Maya, the country’s only all-in-one currency app, is revamping the largest Bankerohan public market in Davao City with the launch of the Paleng-QR PH program in Mindanao today.
With the support of the Bank of the Philippines (BSP), the Davao City government has spearheaded the “Digital Marketplace” initiative. Also supporting this release are PLDT and Smart Communications.
BSP Governor Felipe Medalla and Davao City Mayor Sebastian Duterte officiated the ceremony.
“By promoting an interoperable national standard code for QR PH, Paleng-QR PH has created a simple yet stronger digital financial experience at the local community level. At Maya, we fully support Davao City’s drive to build a stronger digital ecosystem vision,” said Orlando Vea, CEO and founder of Maya and co-founder of Maya Bank.
“Just QR PH and we can go to Maya,” Vea added.
The Paleng-QR Ph program aims to digitize transactions, starting with public markets and local transport. The program enables suppliers and tricycle drivers to accept digital payments from customers via QR Ph (the national standard for QR payments), regardless of their e-wallets or bank accounts. Maya’s QR codes are QR Ph compliant and its app can scan any QR Ph supported transaction.
The digi-palengkes were created as part of Maya’s own LGUs Embracing and Accelerating Digitization (LEAD). Through the program, Maya provides local governments such as Davao City with an all-in-one payment acceptance solution and payment tools for faster public service delivery.
Maya is the first digital financial services platform to adopt QR Ph. More than 52 million users can enjoy a seamless experience using Maya’s consumer platform, which can send and accept P2P payments from other QR Ph participating financial institutions.
Meanwhile, non-Maya users can pay at more than 800,000 QR Ph-enabled Maya merchants in 96% of cities and municipalities.
BSP’s OR Ph program is part of the overall financial services transformation roadmap for the Philippines. It aims to increase Filipinos’ trust in digital financial services, as consumers and businesses will become accustomed to sending and receiving cashless payments in everyday transactions.
Maya’s full support for QR PH is in line with BSP’s goals to increase the percentage of Filipino adults with financial accounts from 56% in 2021 to 70% in 2023, and to increase the volume of digital payments from 20% in 2021 to 50% %next year.
“Digital payments are the entry point for Filipinos into the financial system. As they build their financial footprint, consumers and MSMEs can access more advanced digital banking services that Maya offers,” Vea said.
maya Consumers can more easily spend, save, get credit and invest in cryptocurrencies simply by using its top-rated all-in-one currency app. Meanwhile, its business partners can open a business deposit account and use their payment transactions to access a revolving line of credit.
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