Fund transfers between two of the biggest e-wallet services in the Philippines have never been easier thanks to QR Ph codes.
In a Facebook post, Voyager Innovations-owned Maya (previously known as PayMaya), announced that their app can now scan QR codes from its main competitor, GCash by Mynt.
The system only works if the users, weather from Maya or GCash, are using QR Ph.
For those who are not familiar, QR Ph is a type of QR code that was developed to be interoperable. This means that the same QR can be scanned and interpreted by any of the participating bank or non-band e-money institution.
This should result in easier digital person-to-person (P2P) and person-to-merchants (P2M) payments made through InstaPay.
Spotting a QR Ph code is really easy as each code will have a logo in the middle with the colors representing the Philippine flag: blue, red, and yellow.
With this, merchants that use GCash as their e-wallet service can also conveniently accept QR code payments from Maya-using customers, and vice versa. The QR Ph standard is free to use by officially registered merchants.
E-wallet services have really increased the financial inclusion in the Philippines as creating an account is relatively easy (compared to traditional banks), and they can be used to easily transfer money, pay electric bills, and more.