by Joel Pinaroc, Correspondent
Fintech firm Salmon Group has partnered with AllBank — a Philippine-based thrift bank — to introduce a QR Ph-enabled payment system aimed at simplifying repayments for financial products. The new system is expected to help eliminate the need to input details manually for traditional payments.
AllBank is touted to be the Philippines’ 25th largest thrift bank in terms of assets with PHP 2. 71 billion and is owned by the family of former Senate president Manuel Villar, and his wife, Sen. Cynthia Villar.
An example of the new QR payment solution (IMAGE CREDIT: Salmon Group and AllBank)
Offering a modern and efficient alternative
Through this partnership, AllBank will extend the reach of its QR Ph-P2M system to merchants and customers, facilitating transactions through the straightforward scanning of QR Ph codes using smartphones, eliminating the necessity for inputting details manually for traditional payments, and offering consumers a modern and efficient alternative.
In a press statement, Salmon Group said the collaboration harnesses its expertise in both fintech and consumer lending alongside AllBank’s established presence in the banking sector “to provide a seamless, secure, and convenient QR Ph payment solution to millions of customers across the Philippines.”
“This means that Salmon repayments are now much simpler,” the company statement further said.
Customers will no longer need to open several screens and apps just to make a transaction, and all they need to do is open the Salmon app and choose QR Ph as the payment option, generate your unique QR Ph code and save it to your photo gallery.
Customers can also upload the QR Ph to their preferred e-wallet or bank app to make a repayment.
Driving financial inclusion and innovation in PH
The partnership between Salmon and AllBank underscores the two firms’ joint commitment to driving financial inclusion and innovation in the Philippines.
By merging Salmon’s cutting-edge technology with AllBank’s established banking infrastructure, the QR payment solution aims to meet the evolving needs of Filipino consumers in an increasingly digital world.
Both companies prioritize ensuring the security and convenience of transactions, providing a safe and efficient method for customers to make payments at participating merchants.
Raffy Montemayor, co-founder of the Salmon Group and chairman of the Rural Bank of Sta. Rosa in Laguna, said, “We are excited to partner with AllBank to introduce this innovative QR payment solution to Filipino consumers. This makes Salmon loan repayments much easier with the use of QR Ph codes.”
“There is no more need to go back and forth between apps to make a payment. It’s now easy and hassle-free,” he added. /JDP