Bangko Sentral ng Pilipinas (BSP) is revolutionizing the way Filipinos transact by turning public markets, once cash-dependent, into thriving hubs of digital payment innovation through the Paleng-QR Ph Plus initiative.
Photo shows BSP Cabanatuan Branch Area Director Olivia B. Cornejo Mallari (left) together with Market Master Vilma Baldos at the Paleng-QR PH program’s launch in San Rafael Public Market
In a media advisory, the BSP said that 98% of stalls at the San Rafael Public Market in Bulacan have since embraced QR Ph, a nationwide standard for QR code-based payments, following the successful launch of the Paleng-QR Ph Plus initiative in the province.
This development comes right on the heels of a similar program launch in Cabagan, Isabela, earlier this month, which is seen as a significant stride towards digital transformation and financial inclusion.
The program, spearheaded by the BSP, seeks to empower local vendors and consumers by promoting the use of e-payments in public markets, transportation, and small businesses.
BSP’s Paleng QR PH: Bringing digital payments to the heart of Bulacan
The launch of Paleng-QR Ph Plus in San Rafael was a collaborative effort between the BSP and the local government of Bulacan. Municipal Administrator Lady Aiza S. Mapoy, representing Mayor Mark Cholo I. Violago, and BSP Cabanatuan Branch Area Director Olivia B. Cornejo Mallari, led the ceremony, which marked a significant milestone in the municipality’s journey towards financial modernization.
Photo shows BSP Cabanatuan Branch Area Director Olivia B. Cornejo Mallari (second from left) with Market Master Vilma Baldos (left) and Municipal Treasurer Corazon Valmeo at the San Rafael Public Market
Market Master Vilma S. Baldos and Municipal Treasurer Corazon M. Valmeo, along with other officials and local vendors, were also present to witness the transformation.
The program’s primary objective is to encourage the adoption of QR Ph as a secure and efficient mode of payment, especially in public markets, where cash has traditionally been the dominant transaction method. By offering an accessible platform for e-payments, Paleng-QR Ph Plus hopes to bridge the gap between cash-reliant vendors and the growing digital economy.
Financial inclusion for market vendors and consumers
The Paleng-QR Ph Plus program holds the potential to enhance financial inclusion, particularly for market vendors who may not have previously had access to formal financial services. During the launch, representatives from various banks and financial service providers were on hand to assist citizens in opening bank or e-wallet accounts, enabling them to participate in the digital economy.
For vendors, the shift to QR Ph opens up opportunities for seamless and secure transactions. It reduces the risks associated with handling large sums of cash, such as theft or loss, and allows for quicker processing of payments. Additionally, vendors who adopt the QR Ph system can now reach a broader customer base, including tech-savvy consumers who prefer cashless transactions.
One market vendor shared their positive experience with the system, highlighting how it has made daily operations smoother. “Before, I had to worry about carrying cash and getting the right change, but now, everything is faster and more convenient with QR payments,” the vendor said.
Piso Caravan: Aiding currency exchange for e-wallet credits
Representatives of banks and other financial service providers join BSP’s Olivia Cornejo Mallari to help citizens open bank or e-wallet accounts that they can use for QR Ph transactions.
In conjunction with the Paleng-QR Ph Plus launch, BSP Cabanatuan Branch’s Currency Exchange Center and Producers Savings Bank Corporation conducted a Piso Caravan. This initiative allowed residents to exchange dirty and mutilated money for new bills or convert them into e-wallet credits.
The Piso Caravan aligns with BSP’s broader efforts to maintain the integrity of the country’s currency while promoting the use of digital wallets.
The broader vision: Expanding e-payments nationwide
The Paleng-QR Ph Plus initiative is a crucial component of BSP’s larger vision of creating an inclusive and digitally driven financial ecosystem in the Philippines.
By extending e-payment options to grassroots communities, the program aligns with the government’s goal to increase the share of digital transactions to 50% by 2023 and expand financial inclusion to 70% of Filipino adults by 2023.
San Rafael, Bulacan’s successful integration of QR Ph sets an example for other municipalities and provinces across the country.
The overwhelming adoption of QR payments by market vendors underscores the effectiveness of the initiative and demonstrates the readiness of even traditional, cash-heavy sectors to embrace modern financial technologies.
A future of convenience and financial security
As more public markets, businesses, and transportation sectors across the Philippines adopt QR Ph, the benefits of digital payments will become increasingly apparent.
Not only do e-payments provide a level of convenience, but they also foster financial security and transparency, both of which are essential in a rapidly evolving digital economy.
For Bulacan’s local market vendors and consumers, the shift to digital payments signals a future of greater economic opportunity and stability.
With the backing of the BSP and local government initiatives like Paleng-QR Ph Plus, communities in the region are well on their way to becoming more financially inclusive and digitally connected.
The success of the program in San Rafael is just the beginning, paving the way for similar transformations across the nation.