RCBC Now Supports BSP’s Roll Out of Retail QR Paymentsby Fintech News Philippines October 27, 2021
Rizal Commercial Banking Corporation (RCBC) now supports Bangko Sentral ng Pilipinas’ (BSP) full roll out of the Person-to-Merchant (P2M) payment option for the national quick response standard, QR Ph.
RCBC is one of the first participating banks and electronic money issuers during the preliminary rollout of QR Ph P2M following the pilot P2P rollout that was held last April.
BSP and the Philippine Payments Management, Inc. (PMMI) launched QR Ph P2M, which expands its use case to include more banks and electronic money issuers (EMI).
Users only need to scan the QR code using their mobile banking or e-wallet app in order to push through with a transaction, without having to type in their details.
“Because of its low cost and ease of use, QR Ph P2M can enable small unbanked vendors, such as sari-sari store owners and tricycle drivers, to participate in the digital payments ecosystem and allow them to build financial profiles which may eventually facilitate their access to other financial products and services that can help them grow and enhance the resiliency of their businesses,”
said Benjamin Diokno, Governor of BSP.
RCBC’s Executive Vice President and Chief Innovation and Inclusion Officer, Lito Villanueva sees this as another milestone that helps fill the gap and promote interoperability in the digital payments landscape in the country.
This is also in line with the BSP’s twin goals of digital acceleration and financial inclusion, which RCBC has also adopted, especially amid post-pandemic recovery efforts.
“The full implementation of QR Ph P2M is instrumental in helping industries recover from the pandemic disruption, helping us rebuild the economy.
The convenience that QR Ph P2M offers can also encourage more people to get into digital banking, which will take us a step closer to becoming a more inclusive, cash-lite society.”