Metro Manila mayors agree on Tuesday to implement the PalengQR Plus program, which provides digital wallets for market vendors and public transport drivers to use in cashless transactions with consumers. — Photo from Bangko Sentral ng Pilipinas
MANILA, Philippines – Metro Manila mayors agreed on Tuesday to implement the PalengQR Plus program, which provides digital wallets for market vendors and public transport drivers to use in cashless transactions with consumers.
The PalengQR Plus program is an initiative by the Department of the Interior and Local Government (DILG) and the Bangko Sentral ng Pilipinas (BSP) that uses QR codes to allow cashless transactions in wet markets, sari-sari stores, and tricycles.
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With the QR PH, merchants will only need one QR code that connects to the digital wallet or bank of their choice, which is more convenient compared to having multiple QR codes for each e-wallet, according to BSP Director Mynard Bryan Mojica.
“Just scan the QR code and pay instantly. It works with any app, and only one QR is needed,” Mojica said at the Metro Manila Council meeting.
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Mojica also said that with the program, the merchants’ funds are safe, and it also avoids the health risks that come with cash transactions, citing the rise of e-transactions during the COVID-19 pandemic.
Several banks and e-wallets will be invited to register to the QR PH, and merchants will also be able to open their own accounts, Mojica added.
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Mojica also assured that the BSP, and DILG are set to offer financial literacy workshops upon implementation of the program.
He also called on the local government units to incentivize the use of the QR PH and to conduct orientations to the target beneficiaries of the initiative.
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READ: BSP launches first digital payment program for farmers in Cordillera
The PalengQR Program has already been launched in other provinces across the country, including Davao, Bohol, Quezon, and Negros Occidental, among others.
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In Metro Manila, Parañaque, Pasig City and Quezon City have already adopted the PalengQR Plus program, and with the program’s adoption into an official resolution, the rest of the local government units are anticipated to implement the initiative. /das