Over 130 local government units (LGUs) had adopted mobile payments at public markets this month through Paleng-QR Ph Plus, the Bangko Sentral ng Pilipinas (BSP) reported.
The new LGUs adopters of the QR-code mobile payments this month include Dauin, Negros Oriental; San Rafael, Bulacan; Cabagan, Isabela; and Passi, Iloilo.
Launched in 2022 by the BSP and the Department of the Interior and Local Government, Paleng-QR Ph Plus urges LGUs to promote digital payments using QR codes to ease transactions between customers and vendors in all industries and hasten Filipinos’ shift to digital services amid the rapid technological advancements globally.
“Paleng-QR Ph Plus aims to promote digital payments in markets, public transportation, and other business establishments through QR Ph, the national standard for quick response codes,” BSP said.
Digital covers 65% transactions
Technology firm ACI Worldwide found 88 percent of Filipinos started using mobile wallets last year, making the Philippines the world’s fifth largest mobile-wallet adopter.
Meanwhile, BSP reported payments to merchants already accounted for 65 percent of all digital transactions in the country last year.
The new LGUs adopters of the QR-code mobile payments this month include Dauin, Negros Oriental; San Rafael, Bulacan; Cabagan, Isabela; and Passi, Iloilo.
BSP Deputy Governor Mamerto Tangonan said digital transactions accounted for 52.8 percent of all monthly retail payments last year, exceeding the BSP target of 50 percent for the period. The total transaction value reached P6.1 trillion.
The BSP aims to increase digital payments to 70 percent of all retail payments in the country by 2028.