Leading mobile wallet GCash has partnered with the Bangko Sentral ng Pilipinas (BSP), Department of the Interior and Local Government (DILG), and the local government of Tagbilaran City for the rollout of the Paleng-QR Ph program in the Bohol capital.
The Paleng-QR Ph program, jointly developed by BSP and DILG, aims to build the digital payments ecosystem in the country by promoting cashless QR payments in public markets and local transportation, particularly tricycles.
“Under this partnership, our merchants at the Dao Public Market and the rest of the micro, small, and medium enterprises (MSMEs) in Tagbilaran City are enjoined to display their GCash QR code at their stores with the statement ‘We accept GCash here’. This way, we are empowering our small vendors to adopt cashless transactions in our efforts to boost digitalization in how they do business,” Martha Sazon, chief executive officer of GCash, said during the launch of the Paleng-QR Ph in the city on Jan. 10, 2023.
The launch gathered key officials from GCash, BSP, DILG, Tagbilaran local government unit (LGU), and market stakeholders.
Capitalizing on the QR Ph initiative, the program, which was launched in June 2022, seeks thepolicy championship and enjoins LGUs to push for the acceptance of digital payments among market vendors, community shopkeepers, and tricycle operators and drivers (TODA) in all cities and municipalities in the country.
Onboarding of vendors, MSMEs
With the program’s entry to Bohol, Sazon noted that they have so far onboarded a total of 5 public markets, 133 market vendors in Dao, and 155 TODAs to allow payment through GCash. Currently, there are about 138 active GCash Pera Outlets where GCash users can cash in and cash out.
GCash QR codes deployed as of January 10, 2023 are all operational and widely used by localsand tourists. GCash to GCash transactions continue to remain free of charge ensuring convenience to its patrons.
“We fully support the Paleng-QR initiative of the government because we believe that in order for Filipinos to really adopt cashless transactions, the natural place to introduce this is wherethey usually spend their money – the wet markets or “palengkes”. We aim to enable more Filipinos to thrive in this digital era,” Sazon explained.
Expressing her optimism on the program’s rollout in Tagbilaran, City Mayor Jane Yap pointed out that this is an important breakthrough in the City’s financial inclusion efforts.
“We welcome this milestone partnership with GCash, especially since we, at the City Government, have been supporting the City’s efforts towards digitalization. This is an important step to achieving that goal. With this collaboration, we are optimistic of the economic benefits that it will bring especially to our Boholano vendors,” Yap said.
By using the GCash app, merchants can easily receive and transfer money securely and conveniently with just a few taps on their smartphone, saving them time and effort. In the same way, it is also convenient for customers who use digital and cashless payment.
“We have definitely made progress in this program. We are on the right track in making financial services easier to access and understand through our GCash app. With this long-termpartnership, we aim to create a brighter, more financially-inclusive future for Filipinos,” added Sazon.
Currently, GCash has over 71 million users nationwide, giving Filipinos easy access to savings, loans, investments, and insurance.
GCash (G-Xchange, Inc.) is the #1 Finance App in the Philippines. Through the GCash App, 71M registered users can easily purchase prepaid airtime; pay bills at over 1,600 partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 5.2M partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash is a wholly-owned subsidiary of Mynt (Globe Fintech Innovations, Inc.), the first and only duacorn in the Philippines. GCash was recognized by The Asian Banker (TAB) and by the IDC in 2021 for its outstanding digital financial inclusion programs.