PayMaya, first e-wallet to adopt national QR standard in the Philippines

Friday 22 November 2019 14:49 CET | News

PayMaya has announced it is the first e-wallet to officially adopt QR Ph, the national QR code standard launched by the Bangko Sentral ng Pilipinas (BSP).

According to Digital News Asia, PayMaya users can now receive money transfers from other institutions, such as UnionBank, LANDBANK, Chinabank, AUB, and RCBC. This happens via the QR Ph code generated within the PayMaya app.

In order to receive money from other banks and financial institutions, a PayMaya account holder just needs to go to the Settings section of the app and click on the QR code icon to reveal their unique QR Ph-compliant code. The sender can then scan this code via their participating bank’s mobile app to initiate the fund transfer.

QR Ph is available for P2P fund transfers upon launch but will soon be expanded for merchant QR payments, according to Digital News Asia. The adoption of QR Ph is a collaboration between the BSP and the Philippines Payments Management, Inc (PPMI), the country’s Payment System Management Body under the National Retail Payment System (NRPS) regulatory framework. PayMaya is a member of the PPMI.

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Keywords: PayMaya, QR code, the Philippines, e-wallet, QR Ph, merchant, QR payments
Categories: Payments & Commerce
Countries: Asia
This article is part of category

Payments & Commerce