Philippines digital wallet PayMaya is accelerating the rollout of the QR Ph P2M (person-to-merchant) payment facility across its enterprise partners.
QR Ph P2M is the national QR standard for merchant payments that was fully launched by the Bangko Sentral ng Pilipinas (BSP) this October.
PayMaya was among the first financial technology company to adopt QR Ph P2M when the standard was first introduced by BSP in April this year.
Since then, the company has rolled out over 160,000 QR Ph P2M acceptance points across its enterprise base.
This number includes both online and on-ground touchpoints for all types of merchants, including large companies, government agencies, MSMEs.
The full launch of QR Ph P2M means that PayMaya enterprises equipped with a QR Ph P2M code can now accept payments from consumers who have accounts with AllBank, Asia United Bank (AUB), Cebuana Lhuillier Rural Bank, China Banking Corp., Land Bank of the Philippines, Rizal Commercial Banking Corporation (RCBC), Starpay, Union Bank of the Philippines (UnionBank), and USSC Money Services Inc. (UMSI).
Since its pilot launch last April, PayMaya has been equipping enterprises of all sizes with QR Ph P2M.
For large businesses enabled with the PayMaya One Android device and MSMEs using the Paymaya Negosyo app, the rollout of QR Ph P2M has been easier as the e-wallet rolls out software updates over-the-air.
PayMaya is also updating the QR codes of partner enterprises with the its QR standees in their physical stores.
The rollout of QR Ph is part of PayMaya’s thrust in promoting greater financial inclusion by enabling more Filipino businesses to go digital on their payments acceptance.
“We are excited to be at the forefront of the full rollout of QR Ph P2M. It’s a boost, especially for our enterprise customers, as they can start accepting payments from more consumers using just their QR Ph P2M code enabled by PayMaya.
We support the BSP in this thrust as this is a major step towards building a stronger payment ecosystem across businesses, consumers, and government,”
said Shailesh Baidwan, President at PayMaya.
