BSP ramps up cashless payments in markets, transport

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) continues to extend cashless payments in public markets and transportation services in more provinces across the country.

The central bank led the launch of Paleng-QR Ph Plus at the Iloilo terminal market in Iloilo City in late November, bringing the total number of local government units (LGUs) that have introduced the program promoting digital payments to 15.

BSP Governor Eli Remolona Jr., in a recorded message, described the launch as a step toward further digitalizing financial transactions.

Remolona said the Paleng-QR Ph program empowers the community and eventually, the nation, as it widens opportunities for Filipinos to access financial services.

BSP Visayas Regional Office director Anna Clara Oville and Department of the Interior and Local Government (DILG) Region VI assistant regional director Maria Calpiza Sardua led the event together with Iloilo City Mayor Jerry Treñas.

BSP Deputy Governor Bernadette Romulo-Puyat said the launch marks a milestone in Iloilo City’s journey to becoming more digitalized and financially inclusive.

“More Ilonggos can now enjoy the many benefits of cashless payments,” she said in her recorded message.

Aside from Iloilo City, other LGUs that have formally launched the Paleng-QR Ph Plus include Baguio, Davao, Tagbilaran, Naga, Lapu-Lapu, Pasig, Bacolod, Camiling, Carmona, Victorias, Mandaue, Ozamiz, Cotabato, and Calamba.

A joint program spearheaded by the BSP and DILG,  Paleng-QR Ph Plus encourages the use of QR Ph as a convenient, safe, and efficient way of making payments in public markets, local transportation and other establishments.

Financial service providers supported the launch by providing assistance booths for account onboarding, printing of QR codes, and addressing customer service concerns.

Paleng-QR Ph Plus is among the priority initiatives under the National Strategy for Financial Inclusion 2022-2028, which serves as a blueprint for accelerating inclusive finance in the country.

The program is also aligned with the BSP’s Digital Payments Transformation Roadmap 2020-2023, which aims to convert half of the volume of retail payments in the country into digital form and onboard 70 percent of Filipino adults into the formal financial system by the end of this year.

With the COVID-19 restrictions serving as catalyst, the share of digital payments to total retail transactions further increased to 42.1 percent in 2022 after accelerating to 30.3 percent in 2021 from 20.1 percent in 2020.