PayMaya speeds up rollout of QR Ph P2M for merchant payments

·2 min read

DIGITAL financial services PayMaya, on Sunday, Oct. 31, 2021, said it is accelerating the rollout of the QR Ph P2M (person-to-merchant) across its enterprise partners.

QR Ph P2M is the national QR standard for merchant payments fully launched by the Bangko Sentral ng Pilipinas (BSP) in October.

PayMaya was the first financial technology company to adopt QR Ph P2M when the standard was first introduced by the BSP in April this year.

“Since then, the company has rolled out the most number of QR Ph P2M acceptance points across its enterprise base, now at over 160,000. This number includes both online and on-ground touchpoints for all types of merchants, including large companies, government agencies and micro, small and medium enterprises,” the firm said in a press statement.

“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,” said Paymaya president Shailesh Baidwan.

“This is a major step towards building a stronger payment ecosystem across businesses, consumers and government,” he said.

With the QR Ph P2M, enterprises can provide consumers with a more convenient digital payment option because they can accept QR payments regardless of their customers’ bank or e-wallet accounts. There is no need for businesses to have several QR codes on their counters to accept payments from different financial institutions.

On the other hand, consumers can now enjoy more convenient and hassle-free transactions as they no longer need to have different apps to be able to scan-to-pay a merchant’s QR code.

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, Cebuana Lhuillier Rural Bank, China Banking Corp., Land Bank of the Philippines, Rizal Commercial Banking Corp., Starpay, Union Bank of the Philippines and USSC Money Services Inc. (KOC)

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