Until recently, most small businesses in the Philippines only accepted cash. Today, customers can scan a Quick Response (QR) code with their phones to pay for goods and services, generating benefits for vendors and consumers alike.
The country’s central bank, Bangko Sentral ng Pilipinas (BSP), is driving the adoption of digital payments. The BSP and the payments industry developed QR Ph, a national standard for digital payments, to make transactions interoperable and convenient for both merchants and consumers. Now, under the Paleng-QR Ph program, developed by the BSP and the Department of the Interior and Local Government, cashless payment is being promoted in public markets and local transport hubs.
When we make public markets digital payment ready, we make it easier for the average Filipino consumer to adapt to cashless transactions and unlock access to other financial services and benefits that they can receive from government, explains Bruce Tolentino, BSP Monetary Board Member.
The BSP is helping vendors and customers to open QR-ready accounts, and coaching small business owners on the use and benefits of digital payments, including fraud prevention and easier bookkeeping.
You can learn more about how the program is helping small businesses in the video