Maya Boosts Digital Palengke in Mindanao

Maya, the country's only all-in-one money app, is transforming Davao City's largest Bankerohan Public Market. With the launch of the Paleng-QR PH program in Mindanao.

Davao City Government is leading the "digi-palengke" program with help from the Bangko Sentral ng Pilipinas (BSP) and the Department of Interior and Local Government (DILG). Also supporting the launch are PLDT and Smart Communications. Davao City Mayor Sebastian Duterte and BSP Governor Felipe Medalla presided over the festivities held at the Bankerohan Public Market.

By promoting the interoperable QR PH national standard codes, Paleng-QR PH creates a simple but more powerful digital finance experience at the local community level. At Maya, we fully support Davao City's vision to build a stronger digital ecosystem," said Orlando Vea, Maya CEO and Founder and Maya Bank Co-Founder. “Basta QR PH, pwede kami sa Maya,” Vea added.

The goal of the Paleng-QR Ph program is to digitize transactions, starting with public marketplaces and local transit. The program lets retailers and tricycle drivers receive digital payments from customers regardless of their e-wallet or bank account status using QR Ph, the national standard for QR payment. Maya's QR codes are QR Ph-compliant, and its app is able to scan any QR Ph-enabled transaction.

The creation of digi-palengkes is part of Maya's local government's commitment to LGUs Embracing and Accelerating Digitalization (L.E.A.D). Maya equipped local governments such as Davao City with business-in-a-box payment acceptance and disbursement capabilities to expedite the delivery of public services through this initiative.

Maya is the first digital platform for financial services to incorporate QR Ph. Using Maya's consumer platforms, which can send and receive P2P payments from other QR Ph-participating financial institutions, more than 52 million consumers can enjoy a seamless experience.

Non-Maya users can pay at over 800,000 QR Ph-enabled Maya merchants in 96% of all cities and municipalities.

The BSP's OR Ph program is part of the Philippines' larger financial services reform strategy. It aims to increase Filipinos' confidence in digital financial services by familiarizing consumers and businesses with cashless payments for routine activities.

Maya's full support to QR PH is in line with the BSP's thrust to increase the share of Filipino adults with a financial account from 56% in 2021 to 70% in 2023 and grow the volume of digital payments from 20% in 2021 to 50% by next year.

"Digital payment is the entry point of Filipinos to the financial system. As they build their financial footprint, consumers and MSMEs can access more progressive digital banking services offered by Maya," said Vea.

Maya has made it easier for consumers to spend, save, get credit, and invest in crypto just by using its top-rated all-in-one money app. Its merchant partners, meanwhile, can open a business deposit account and access revolving credit lines leveraging their payment transactions.

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