Maya champions unified QR Ph to simplify payments across the Philippines

Filipinos are moving away from cluttered counters of competing QR codes as the new unified QR Ph system simplifies payments nationwide. Behind this shift is Maya, the Philippines’ leading Digital Bank and Payments Processor, which has captured 45% of the market share in peer-to-merchant (P2M) QR Ph transactions as of October 2024. 

“As the first to adopt QR Ph for Peer-to-Peer (P2P) and P2M, we’re fully behind the move to a universal QR Ph. It’s the foundation for an inclusive digital economy,” said Shailesh Baidwan, Maya Group president and co-founder of Maya Bank. “More than simplifying payments, QR Ph is a gateway to financial services, enabling Filipinos to access credit and other essential tools for their financial journey.” 

QR Ph: Building an inclusive financial ecosystem 

Introduced by Bangko Sentral ng Pilipinas (BSP), QR Ph unifies fragmented payment systems to streamline both consumer and business transactions. Before its implementation, businesses struggled to manage multiple proprietary QR codes, often leading to a cumbersome checkout experience. 

Now mandated by the Philippine Payments Management, Inc. (PPMI), all merchants are required to use a unified QR Ph standee, easily identified by its white background, blue, yellow, and red logo, and “SCAN NA ALL!” tagline. 

Consumers can pay at any participating store using any banking or e-wallet app. 

• Universal Compatibility: QR Ph works with over 30 financial apps, giving consumers the freedom to choose how they pay. 
• No Fees: Payments are free for both consumers and merchants. 
• Security: Regulated by the BSP, QR Ph ensures the same level of security as cash or card payments. 

This move is significant in a country where, as per BSP’s 2021 Financial Inclusion Survey, over 90% of Filipino payors still use cash for in-store purchases. By offering a universal digital payment system, QR Ph marks a step toward a more inclusive financial ecosystem. 

More than payments 

Maya has been an early adopter and advocate for QR Ph in P2M transactions, using its leadership in this space to drive cashless adoption and bring more businesses into the digital economy. Its platform empowers everyone—from micro-entrepreneurs to large enterprises—to accept payments both online and offline, eliminating the complexity of managing separate QR systems. 

In addition to simplifying transactions through QR Ph, Maya utilizes transaction insights generated solely from its own customers’ QR Ph payment activities. By combining this data with AI-driven models, Maya assesses the creditworthiness of its users and extends loans to underserved sectors, addressing broader challenges in financial access.

This approach has enabled Maya to extend credit to over 1.4 million borrowers, 50% of whom are receiving their first formal loan through the platform. By September 2024, Maya reported cumulative loan disbursements of ₱67 billion, underscoring its growing role in fostering financial inclusion. 

Maya is the #1 Fintech Ecosystem in the Philippines, with Maya Bank, the #1 Digital Bank, and Maya Business, the #1 Omni-Channel Payment Processor. Maya Bank is a digital bank regulated by the Bangko Sentral ng Pilipinas (BSP), with deposits insured by the Philippine Deposit Insurance Corporation (PDIC) up to ₱500,000 per depositor. To learn more about Maya, check out maya.ph and mayabank.ph. Follow Maya at @mayaiseverything on Facebook, Instagram, YouTube, and TikTok and @mayaofficialph on Twitter.  – Rappler.com

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