By Alithea De Jesus
With the growing demand for efficient, safe and secure transactions forced by the pandemic, many ensured to address these needs.
The Rizal Commercial Banking Corporation (RCBC) continues to lead digital financial innovation as it enables person-to-merchant (P2M) digital payments QR solution.
RCBC joins the Bangko Sentral ng Pilipinas (BSP) and the Philippine Payments Management, Inc. (PMMI) as one of the pioneer participants in the pilot launch of the P2M option of the country’s QR code standard, QRPh. The project is expected to boost small businesses amid the pandemic and support the digital acceleration in the country.
“We at RCBC believe in the power of technology in uplifting the lives of the Filipinos especially during the pandemic. The ease of transaction that QR Ph’s P2M scheme offers will also remain relevant for the years to come,” said RCBC President and CEO Eugene Acevedo.
“This event marks another milestone achieving a cash-lite economy. It is expected to bring broad and wide-ranging benefits to both consumers and businesses by providing Filipinos with a convenient and safe alternative to the traditional payment methods that use cash and coins,” said BSP Governor Benjamin E. Diokno.
With the P2M scheme, micro, small, and medium enterprises (MSMEs) can offer a safe and convenient contactless payment option. Select merchants with InstaPay accounts with institutions participating in the pilot run may now use QRPh P2M to accept funds. Meanwhile, users will only need their smartphones to scan a merchant’s unique QR code when transacting.
“The safety, ease and affordability of using of QR Ph P2M will make digital payments more accessible to Micro, Small, and Medium Enterprises in the Philippines. Given that the sector comprises around 99 percent of the total number of businesses in the country, the adoption of QR Ph P2M by MSMEs will allow more Filipinos to reap the benefits of digital payments,” said Diokno.
“With these expected gains to the economy, the QR Ph P2M is bound to significantly contribute to the BSP’s efforts dedicated towards the development of a more vibrant and inclusive digital payments ecosystem,” he added.
The QR Ph P2M scheme is expected to significantly contribute to the digitalization as well as the financial inclusion thrust of the central bank, as it aims to provide a safer and more accessible option for the unbanked and the underserved who wish to participate in digital transactions.
The pandemic made us realize how we can quickly and safely transact with less contact and interaction. The convenience that QR Ph’s P2M scheme provides will be useful to businesses and individuals who are still recovering from this crisis,” said Lito Villanueva, Executive Vice President and Chief Innovation and Inclusion Officer of RCBC.
QR Ph’s P2M scheme is expected to expand its coverage to other financial institutions by the third quarter of the year.
RCBC is one of the leading universal banks accelerating digital transformation in the Philippines. It was judged in 2020 as the Philippines’ best digital bank by the Asiamoney and the Alpha Southeast Asia, among other global and regional recognitions. It is also the first local universal bank to have the most extensive reach with registered customers from across all 81 provinces nationwide through its mobile apps RCBC Mobile and DiskarTech. Its digital products include RCBC mobile and online banking, handheld ATM Go mobile point-of-sale terminals, and DiskarTech, among others. DiskarTech was recognized as the 2020 breakout finance app in the country by App Annie, a global data analytics firm covering all mobile applications worldwide.