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BSP pushes digital payments

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REUTERS

THE BANGKO Sentral ng Pilipinas (BSP) has launched the Paleng-QR Plus program in the City of San Fernando, Pampanga.

In a statement, the central bank said that the city rolled out the program after passing an ordinance in March promoting digital payments.

This would encourage digital payment transactions in public markets, public utility vehicles, and business establishments, it added.

BSP Governor Eli M. Remolona, Jr. said that the program would help business owners and customers “expand their digital financial footprint.”

“This will give them access to a wider range of financial services such as credit, savings, insurance, and investment,” he added.

BSP Regional Operations Sub-sector Managing Director Rosabel B. Guerrero said this would also “promote financial inclusion and uphold the interest of financial consumers.”

The BSP also conducted the “Piso Caravan” with member banks of Ciudad San Fernando Bankers Association and e-money issuers. The initiative allows the public to replace unfit banknotes and coins with fit currency or electronic money.

As of end-February, there were 68 local government units (LGUs) that launched the Paleng-QR program or issued policies in support of it. These include three in the National Capital Region (NCR), 50 in Luzon, nine in Visayas and six in Mindanao.

In 2022, the program was first introduced by the BSP and the Department of the Interior and Local Government (DILG). It is part of the National Strategy for Financial Inclusion from 2022 to 2028.

It aims to promote the “acceptance of digital payments among market vendors, community shopkeepers, and tricycle operators and drivers in all cities and municipalities in the country.” — Luisa Maria Jacinta C. Jocson

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