AllBank, formerly known as Optimum Development Bank, is implementing the Bangko Sentral ng Pilipinas’ (BSP) contactless payment program (P2M program).
The BSP is pilot-testing the P2M payment schemes as part of the regulator’s “Digital Payments Transformation Roadmap 2020-2023” to pave the way for financial inclusion and digitalization of payments. It is set for full implementation in the third quarter of the year.
Under the P2M, merchants like AllBank will use quick response (QR) code to transfer money between individuals and merchants for a fast, efficient and convenient manner electronically.
“The rapid shift to digital payments due to the pandemic provided a momentum for AllBank to modernize its payment mechanisms.The digital payment system has a huge potential and is seen to greatly benefit merchants, such as AllDay Supermarket,” the bank said.
“This COVID-19 pandemic has caught all of us by surprise and very much accelerated the pace of digital transformation in our country. Most, if not all, companies have had to cope with the pandemic by changing the way they do things — from our normal manual or face-to-face transactions to digital ones,” said Manuel Paolo Villar, AllDay director.
