Gov't plans nationwide cashless payment in markets, transport fares via QR code

Gov't plans nationwide cashless payment in markets, transport fares via QR code

The Philippine Government pushes for cashless payment in markets and tricycles nationwide through QR codes. Photo: Paleng-QRPH/Facebook

TACLOBAN CITY – The Philippine Government has announced its plans to introduce cashless payments in markets and tricycle fares across the country, using Quick Response (QR) codes, according to the Presidential Communications Office (PCO).

The initiative, titled "Paleng-QR Ph Plus," will be supported by the Land Bank of the Philippines and will involve the rollout of cashless payment systems for local transport drivers. This move is part of the Bangko Sentral ng Pilipinas (BSP) and the Department of the Interior and Local Government's (DILG) larger campaign to encourage contactless transactions nationwide.

Initially launched in August 2022 in selected markets in major cities and towns, the program will be implemented throughout the Philippines to promote safe and efficient transactions.

The program will enable customers to pay for their purchases and fares by scanning QR codes with their mobile phones, eliminating the need for physical cash and reducing the risk of transmitting the virus through contact with contaminated banknotes. This method is also expected to provide a more convenient and faster mode of payment for customers, improving transaction efficiency.

The Land Bank of the Philippines has expressed its support for the initiative, aligning with its commitment to providing financial inclusion to all Filipinos. The transport industry, including tricycle drivers, has also expressed its support for the program as it can help reduce their risk of exposure to viruses such as COVID-19.

This move is expected to improve transaction security, prevent fraudulent activities, and promote financial inclusion for all Filipinos. —iTacloban

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