The Bangko Sentral ng Pilipinas in partnership with SM Supermall has launched Cashless Malling at SM through QRph on Tuesday.

BSP Deputy Governor Bernadette Romulo-Puyat said that the Cashless Malling at SM initiative marks yet another breakthrough in the development of an inclusive digital payment ecosystem, which, she said, "reinforces our vision of financial inclusion for broad-based growth and shared prosperity for all Filipinos."

Added Puyat, "By promoting cashless payments in SM Malls all over the country, this partnership will bring the welfare-enhancing benefits of digital finance innovations to both merchants and shoppers, as well as communities where SM malls are located."

She noted that there are 80 SM Malls all over the country and "this (cashless malling) will empower them as partners in sustainable local economic development."

The deputy governor also said that this special collaboration between the BSP and SM Supermalls highlights the BSP's firm belief that "financial inclusion is a whole-of-nation undertaking, with the private sector playing a very critical role."

"We are happy that — true to its purpose — the National Strategy for Financial Inclusion, has inspired partners outside the government to launch such initiatives as Cashless Malling at SM," Puyat added.

"It is an honor to partner with SM, which has repeatedly been recognized and lauded for its all-out support for the government's initiatives and programs," she said.

The BSP deputy governor also expressed optimism that as Cashless Malling at SM is implemented and adopted, SM's MSME (micro, small and medium enterprises) partners would start accepting digital payments. "We will see that it would indeed be easier for an average Filipino consumer to transition to cashless transactions," Puyat said.

Meanwhile, the use of QR codes for payments has been gaining traction as an alternative to cash or the more traditional debit and credit card payments.

In November 2019, payment industry participants led by the Philippine Payments Management Inc. PPMI, under the guidance of the BSP, launched "QR Ph" as the National QR Code standard.