Skip to main content

BSP urges LGUs to adopt cashless transactions

 


TAGBILARAN CITY, Bohol, (PIA) — The Bangko Sentral ng Pilipinas (BSP) is urging local government units (LGUs) to adopt cashless transactions. 

BSP deputy director for payments policy and development department Maria Christina Masangkay, said they are promoting digital payments as it allows everyone in the community to benefit from financial inclusion. 

BSP, together with the Department of Interior and Local Government (DILG), earlier issued Joint Memorandum Circular 1-2022 which outlined the guidelines for LGUs to participate in the Paleng-QR PH program. 

Launched in 2019, the Paleng-QR PH works as a person-to-person or person-to-merchants exact payment system. 

The program aims to promote the adoption of digital payments in wet markets and public transport and help vendors and consumers feel safer in their financial exchanges. 

“QR PH is the national QR code standard that allows fast, low-cost methods to pay, transfer and get funds from other banks and electronic money (e-money) accounts in the country,” Masangkay explained during the recent Media Information Session conducted by BSP in Bohol. 

QR code or the Quick Response code is a two-dimensional image-based barcode capable of holding large amounts of information, which can be read by a smartphone that is equipped with a barcode scanner.

With personal and financial information stored in the bar code, a QR code can be used to send and receive money as transaction payments.  

“Over the years, BSP has regulated systems so that the un-banked can have accounts, use digital payments in basic deposit accounts, use e-money, regulate cash agents like pawnshops and convenience stores to also act as cash-in, cash-out points for clients,” Masangkay continued. 

Only 14 LGUs in Central Visayas have so far adopted the Paleng-QR PH program, including Tagbilaran City in Bohol. 

Promulgate ordinances

Under JMC 1, LGUs can promulgate ordinances on the use of QR Ph-enabled digital payments in public markets and public transport. 

It also calls on vendors and transport operators to display the QR codes in their stores and vehicles for the customers who wish to pay digitally. 

Markets and vehicles covered by the program shall carry a standard Paleng-QR Ph banner and other information materials. 

LGUs with participating financial service providers will provide the necessary assistance to small merchants, tricycle operators, drivers, and clients in opening a QR Ph-ready transaction account by issuing relevant documents to support the “know your client” requirement of financial service providers. 

The QR PH is also aligned with Europay-Mastercard Visa Company (EMVCo), a consortium that manages the EMV standard, a globally used security technology for payments. (RAHC/PIA7 Bohol)

Labels:

Comments

Post a Comment

Popular posts from this blog

Dumaguete crime rate drops

  DUMAGUETE CITY, Negros Oriental, Nov. 10 (PIA) -- The Dumaguete City Police Station has reported that between October 1 to Nov. 7, only 70 crime incidents were recorded, a decrease by 21% compared to 91 incidents in the same period of last year. In a City Peace and Order Council meeting, Lt. Col. Ronoel Fungo disclosed that no homicide, murder, robbery, carnapping, rape and rape with homicide cases were reported in the same period.  The City Health Office also reported that of the total 905 surrenderees or people who use drugs (PWUDs) in 2017, around 334 or 37% have completed their assessment as of Nov. 7, 2023. With the absence of drug dependents and pushers in Poblacion 4, 5, and 7, these are considered drug-free barangays, while Poblacion 6 was declared drug-cleared.  The City Health Office also noted that the low or no response to assessment of PWUDs are due to change of address, unknown whereabouts, conflict in work schedule, and imprisonment.  Meanwhile, the ...
Post a Comment
Read more

POPCOM7 strengthens KATROPA implementation in CV LGUs

  (Center left) Board of Director KATROPA Danao City Federation, Juan Capuno Jr. and POPCOM KATROPA Focal Person, Roberto Yana (Center right) CEBU CITY, Cebu, March 1 (PIA) -- The Commission on Population and Development (POPCOM) Region 7 is strengthening the implementation of Kalalakin-an nga Tinud-anay sa ilang Responsibilidad og Obligasyon sa Pamilya (KATROPA) in the local government units (LGUs). During the Kapihan sa PIA, KATROPA Focal Person Roberto Yana disclosed that they aim to educate the male population of their responsibilities in the family, especially on their roles as son, husband, and father.  Members undergo a training of trainers to have a wholistic understanding of their roles and responsibilities in family planning. Yana explained that they accept members as young as 15 years old so they would be educated on community development, livelihood, and responsible parenthood.  In the same forum, Board of Director of the KATROPA Danao City Fede...
Post a Comment
Read more

EMB 7 creates composite team for water sampling

The Environmental Management Bureau (EMB) 7 of the Department of Environment Natural Resources Central Visayas on Tuesday, Dec. 28, has created a composite team for water sampling in the different parts of the region affected by Typhoon "Odette" (International name: Rai). The EMB 7 deployed two teams conducting ambient water sampling in the Northern Cebu (Liloan area, Consolacion, Mandaue and Mactan Coastal Area) and Southern Cebu (Cebu Port Area, Talisay, Naga and San Fernando). The bureau said the first two samples from Punta Engaño near Movenpick Hotel Mactan Island Cebu and Umapad, Mandaue City near the bridge and Petron) taken last Dec. 23 and 24 were brought to Ostrea Laboratory since the EMB laboratory cannot analyze due to no electricity. The office is still awaiting the result for these two samples which will be available by Wednesday, Dec 29.  It said the other samples taken on Tuesday will also be brought to Ostrea laboratory, an accredited laboratory of EMB 7. (ID...
Post a Comment
Read more