The Rizal Commercial Banking Corporation (RCBC) continues to lead digital financial innovation as it enables person-to-merchant (P2M) digital payments QR solution.
RCBC joins the Bangko Sentral ng Pilipinas (BSP) and the Philippine Payments Management, Inc. (PMMI) as one of the pioneer participants in the pilot launch of the P2M option of the country’s QR code standard, QRPh. The project is expected to boost small businesses amid the pandemic and support the digital acceleration in the country.
“We at RCBC believe in the power of technology in uplifting the lives of the Filipinos especially during the pandemic. The ease of transaction that QR PH’s P2M scheme offers will also remain relevant for the years to come,” said RCBC President and CEO Eugene Acevedo.
“This event marks another milestone achieving a cash-lite economy. It is expected to bring broad and wide-ranging benefits to both consumers and businesses by providing Filipinos with a convenient and safe alternative to the traditional payment methods that use cash and coins,” said BSP Governor Benjamin E. Diokno.
With the P2M scheme, micro, small, and medium enterprises (MSMEs) can offer a safe and convenient contactless payment option. Select merchants with InstaPay accounts with institutions participating in the pilot run may now use QRPH P2M to accept funds.
Meanwhile, users will only need their smartphones to scan a merchant’s unique QR code when transacting.
