Maya’s united QR Ph champions, make payments easy across the Philippines
Maya uses QR Ph to expand digital lending
Filipinos are moving away from the messy counting of competing QR codes as the new integrated QR Ph system simplifies payments nationwide. Behind this change is Maya, the leading Digital Bank and Payments Processor in the Philippines, which has taken 45% of the market share in peer-to-merchant (P2M) QR Ph transactions as of October 2024.
“As the first to adopt QR Ph for Peer-to-Peer (P2P) and P2M, we have fully encouraged you to move to QR Ph. It is the foundation of an inclusive digital economy,” said Shailesh Baidwan, President of Maya Group and Founder of Maya Bank. “In addition to making payments easy, QR Ph is a gateway to financial services, allowing Filipinos to access credit and other important tools for their financial journey.”
QR Ph: Building an Inclusive Financial Ecosystem
Launched by the Bangko Sentral ng Pilipinas (BSP), QR Ph integrates seamless payment systems to facilitate both consumer and business transactions. Prior to its implementation, businesses struggled to manage multiple proprietary QR codes, often resulting in a cumbersome checkout experience.
Now authorized by Philippine Payments Management, Inc. (PPMI), all merchants are required to use an integrated QR Ph standee, easily identified by its white background, blue, yellow, and red logo, and “SCAN NA ALL!” tag line.
Customers can pay at any participating store using any banking or wallet app.
- Universal compatibility: QR Ph works with more than 30 financial apps, giving consumers the freedom to choose how they pay.
- No Fees: Payments are free for both buyers and sellers.
- Security: Regulated by the BSP, QR Ph guarantees the same level of security as cash or card payments.
The move is significant in a country where, according to the BSP’s 2021 Financial Inclusion Survey, more than 90% of Filipino payers still use cash for in-store purchases. By offering a universal digital payment system, QR Ph marks a step towards an inclusive financial system.
In addition to payments
Maya was the first recipient and QR Ph advocate in P2M commerce, using her leadership in this space to drive cashless adoption and bring more businesses into the digital economy. Its platform enables everyone – from small entrepreneurs to large enterprises – to accept payments both online and offline, eliminating the complexity of managing separate QR systems.
In addition to facilitating QR Ph purchases, Maya uses transaction information generated only from its customers’ QR Ph payment transactions. By combining this data with AI-driven models, Maya assesses the eligibility of its users and extends credit to underserved sectors, addressing broader challenges to financial access.
This approach has enabled Maya to extend credit to more than 1.4 million borrowers, 50% of whom receive their first legal loan through the platform. In September 2024, Maya reported a combined loan disbursement of P67 billion, underscoring its growing role in promoting financial inclusion.
Maya is the #1 Fintech Ecosystem in the Philippines, with Maya Bank, the #1 Digital Bank, and Maya Business, the #1 Omni-Channel Payment Processor. Maya Bank is a digital bank regulated by the Bangko Sentral ng Pilipinas (BSP), with deposits insured by the Philippine Deposit Insurance Corporation (PDIC) up to P500,000 per depositor.
Learn more about the host, Mayamaya.phagainmayabank.ph. Follow Maya at @mayaiseverything on Facebook, Instagram, YouTube, and TikTok and @mayaofficialph on Twitter.
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