The digital banking space is becoming the competitive battleground for banking institutions. Leveraging the convenience of digital platforms to improve customers’ experience and meet the digital savvy client is an effective tool to add value to banking services.
Digital banks also enjoy increased customer retention and improved customer experience, which translates to sizeable revenue streams.
Maya Bank, the all-in-one money app, is changing the country’s retail commerce landscape with the pilot of the Paleng-QR Ph program in Baguio City in partnership with the Bangko Sentral ng Pilipinas and the Department of the Interior and Local Government. The program offers a digital tool for public market vendors and the transport sector to utilize modern technologies to upscale their services and operations.
“Public markets are the vibrant hubs of local economies, connecting local and regional food producers, businesses, and transport providers to consumers. Creating the ‘digi-palengke’ experience with QR Ph and Maya’s all-in-one money platform will accelerate digital adoption and financial inclusion at the grassroots level,” said Orlando B. Vea, PayMaya CEO-founder and Maya Bank co-founder.
According to Vea, the Paleng-QR Ph program would enable micro, small and medium enterprises, including vendors and tricycle drivers, to accept digital payments from customers via QR Ph, the national standard for QR payments.
“We fully support the Paleng-QR Ph program of the BSP and DILG, starting with this pilot with the Baguio City local government,” he added.
BSP Governor Felipe Medalla attended the launch of the Paleng-QR Ph program, and Baguio City Mayor Benjamin Magalong held at the city’s Malcolm Square.
Before the rollout of Paleng-QR Ph, market vendors, public utility drivers, bus stations, hotels, restaurants, groceries, pasalubong centers, and tourist spot operators in the city have been using the QR Ph-enabled Maya QR.
“On top of digitalizing the public market, we’re enabling the city’s end-to-end ecosystem from sari-sari stores to government offices and large merchants. And we’re doing this all over the Philippines,” said Khurram Malik, Chief Operating Officer at PayMaya, who expressed Maya’s commitment during the launch.
For the past years, Maya has led the charge in helping LGUs build their “digi-palengke” through its LGUs Embracing and Accelerating Digitalization program. Among these markets are the Marulas Public Market in Valenzuela City, Antipolo City Public Market in Antipolo City, Kadiwa rolling stores, and Divisoria street stalls in Manila City.
Maya is the first fintech brand to adopt QR Ph person-to-person payments in 2019 and person-to-merchant payments in 2021. Since then, Maya has adopted the country’s interoperable QR Ph standard across its end-to-end digital payments ecosystem.