The Bangko Sentral ng Pilipinas (BSP) and the Department of the Interior and Local Government (DILG) have signed off a deal that will establish digital payments in the public market and tricycle hubs.
Manifesting as a joint memorandum circular, the two agencies are pushing for the Paleng-QR PH program, which is aimed at enforcing digital payments at the grassroots level with local government units at its backing.
Playing a significant role in the scheme, the LGUs will aid in the onboarding process, relative to financial services with QR payment capabilities.
Financial service providers will also play a major role by assisting customers, which will include printouts of QR codes, during the account opening days.
The BSP, on its part, has approved a standard QR structure that will allow for an interoperable and easier system to use. In particular, it has greenlighted various digital banking licenses to make for a broader reach of online payments adoption as well as financial services in the nation.