Cashless payments are the way to go for businesses, even for micro and small enterprises (MSEs), Maya Bank territory solutions manager Richard Mercader said at the 7th DAILY TRIBUNE Asian Innovation Forum (AIF) held last Tuesday in Bacoor City, Cavite.

Mercader highlighted the benefits of electronic payment and how the AIF participants, which comprised public utility vehicle (PUV) drivers, could use it to their advantage.

“Cashless payments can help us,” Mercader said.

He pointed out that over 30 percent of the population was under 30 years old.

“They are those with smartphones. What does that mean? Your passengers, most of them have electronic wallets, like Maya or GCash that they can use even if they don’t have physical money,” Mercader explained.

“You just need to have an e-wallet like Maya or GCash.”

Mercader also noted that 90 percent of consumers pay cash.

“Only 10 percent pay via electronic wallets or bank payments so we want to change that because that is the initiative or campaign of the BSP, that if all our transactions are not booked, at least the number of people using cashless payments will increase,” he said.

He pointed out the campaign was also initiated by the Anti-Money Laundering Council so that the agency, together with the BSP, could easily monitor transactions to avoid money laundering and terror financing.

In 2019, the BSP launched QR (Quick Response) Ph as the national QR Code standard which aims to adopt an efficient and standardized digital payment system for both merchants and customers in the country.

Efficient deals

Mercader said cashless transactions are also time and cost-efficient.

“You’ll save time from giving change. When someone pays you the fare, you don’t need to give change. Maya will give you a QR, the customer pays, and that’s it,” he said.

“The customer’s payment is in the e-wallet, when you pay at the gasoline station, it is in the wallet. So our ecosystem is already being formed. The customer’s money is in your e-wallet, you pay for your needs. You can pay your bills, cellphone load, internet,” he said.

Mercader said Maya helps merchants “shift to innovation.”

To create a Maya account, one simply downloads the app, opens it, taps Profile, then selects “Upgrade your account.”

They must also fill out the required information and make sure to have at least one valid primary ID, ensuring that the name and birthday they will enter match the name and birthday reflected on the ID they will upload.

Aside from Maya, the AIF also featured resource speakers from the Cebu CFI Cooperative and SB Cooperation, companies that provide financing to medium, small, and micro entrepreneurs which account for 99.2 percent of all companies in the Philippines.

UPSCALING MSMES THROUGH DIGITAL INNOVATION

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