The Paleng-QR Ph Plus program of the Bangko Sentral ng Pilipinas (BSP) has just been launched in the coastal town of Dingalan, Aurora, and a number of program beneficiaries are saying this is a significant step towards financial inclusion and cashless transactions in the province.
Dingalan, Aurora Mayor Shierwin H. Taay (left) uses QR PH to pay a tricycle driver during the event
Spearheaded by Mayor Shierwin H. Taay and BSP Cabanatuan Branch Area Director Olivia B. Cornejo-Mallari, the initiative aims to revolutionize local transactions by promoting e-payments, particularly through the use of the national QR code standard, QR Ph.
During the launch, Mayor Taay demonstrated the ease and convenience of the system by using QR Ph to pay tricycle driver Joel Espinosa, marking the beginning of the widespread adoption of digital payments in the town.
In a media advisory, the BSP said the event also underscored the local government’s commitment to embracing digital innovation to improve economic efficiency and financial accessibility in the area.
Paleng-QR Ph Plus: Promoting financial inclusivity in public transport
The Paleng-QR Ph Plus is a government-driven initiative designed to bring the advantages of e-payments to everyday transactions, particularly in markets, public transportation, and small businesses.
The program focuses on adopting QR Ph, which serves as the national standard for quick response (QR) codes, allowing for a seamless and secure transfer of funds across different payment platforms.
In her remarks, BSP Director Cornejo-Mallari emphasized the importance of financial inclusion, highlighting that programs like Paleng-QR Ph Plus can significantly improve access to financial services, particularly for those in underserved communities.
By enabling even small-scale vendors and public transport operators to accept digital payments, the program helps expand access to formal financial systems.
“As of September 2024, over 130 local government units (LGUs) nationwide have adopted Paleng-QR Ph Plus, demonstrating the program’s effectiveness in bridging the financial gap and providing secure, cashless solutions for millions of Filipinos,” said Cornejo-Mallari.
One of the standout features of the program is its emphasis on converting conventional cash-based transactions into digital payments, which benefits both consumers and merchants. QR Ph offers an easy and reliable platform for merchants, tricycle drivers, and even market vendors to accept payments from customers directly through their mobile phones.
Through this initiative, the BSP is revolutionizing the way Filipinos transact by turning public markets, once cash-dependent, into thriving hubs of digital payment innovation.
Bringing cashless solutions to the forefront
BSP Cabanatuan’s Currency Exchange Center during the Piso Caravan event in Dingalan, Aurora
In the same event, BSP Cabanatuan’s Currency Exchange Center and Producers Savings Bank Corporation also conducted a Piso Caravan to exchange dirty and mutilated money for new bills or e-wallet credits.
At the same time, financial service providers also helped citizens to open bank or e-wallet accounts that they can use for QR Ph transactions.
The transition from cash to digital payments presents multiple advantages, including faster transactions, reduced reliance on physical currency, and enhanced safety for both vendors and customers. It also helps minimize the circulation of dirty or damaged bills, an ongoing issue in many market settings.
This aspect of the program was supported by the BSP Cabanatuan Branch’s Currency Exchange Center and Producers Savings Bank Corporation, which held a Piso Caravan during the event.
The caravan allowed Dingalan residents to exchange their dirty or mutilated money for either new bills or e-wallet credits, further facilitating the transition to digital finance.
This not only addressed the problem of damaged currency but also encouraged more citizens to adopt e-payments through financial service providers present at the event.
Empowering citizens through financial literacy
In addition to promoting digital payments, the Paleng-QR Ph Plus launch also served as an opportunity to educate citizens about the benefits of opening bank or e-wallet accounts. During the event, financial service providers, including local banks and fintech companies, were on hand to assist residents in setting up accounts that could be linked to QR Ph transactions.
Mayor Taay highlighted that this program is not just about convenience but also about empowering citizens with the tools and knowledge to participate in the formal financial system. “By providing access to digital banking and payment solutions, we are helping residents take control of their finances and build a more financially inclusive community,” he said.
As the digital transformation continues across the Philippines, the success of programs like Paleng-QR Ph Plus is pivotal in shaping the future of the country’s payment landscape.
Dingalan’s active participation in this initiative marks a promising step toward a more efficient, cashless society where financial services are accessible to everyone, regardless of their location or economic status.
The roll-out in Dingalan is part of a broader national effort led by the BSP to modernize payment systems across the country, paving the way for a more digitally connected and financially inclusive Philippines.
As more local government units adopt Paleng-QR Ph Plus, the vision of a cashless society is becoming increasingly attainable for all Filipinos.