BSP hopes Bohol to have

more cashless payments

TAGBILARAN CITY, Bohol (PIA)—With Bohol largely catering to tourists who are uncomfortable with bringing in cash for payments while on tour in Bohol, Bangko Sentral ng Pilipinas (BSP) in Region 7 hopes local authorities can facilitate the operationalization of digitalization and cashless payments, especially that only two local government units here have formally adopted the policy in their local markets.

According to BSP bank officer V Gregorio Baccay III, only Tagbilaran City and Valencia have formally adopted the government’s Paleng-QR Ph and and Paleng-QR Ph plus, a day before formally launching the cashless payment system in Valencia town last week.

A program jointly developed by the Bangko Sentral ng Pilipinas (BSP) and the Department of the Interior and Local Government (DILG) operationalized via a joint memorandum circular providing the official framework for its nationwide implementation, in June of 2022.

Set to promote digital payments in public markets and local transport, Paleng-QR Ph as the upgraded version of the original Paleng-QR Ph allows market vendors, tricycle drivers, and small businesses to accept cashless payments via QR codes, linked directly to any BSP-registered digital payment app like GCash, Maya, or PayMaya.

To get this going however, local government units play a key role for the program to succeed.

Based on the BSP-DILG joint circular, LGUs encourage and promote the program among market vendors, small businesses and transport operators by holding info-briefings, orientations and coordinate with barangays and market group and practically supporting the system mechanisms in the locality.

LGUs help register vendors and micro‑merchants for Paleng‑QR Ph Plus and coordinate with participating banks and payment partners for their on-boarding.

Then they work with BSP accredited QR payment providers and financial institutions to make sure merchants get their QR Codes and digital set-ups, address integration issues that may crop up and offer training and customer support.

Meanwhile, merchants and transport groups need to register to be documented and verified by the LGU, and in turn, get their unique QR Codes and digital set-up from the program through participating payment app.

The QR code, they display in the shop or stall so that customers paying without cash can just scan the QR code with their mobile phone app, and money is instantly transferred to the merchant’s e-wallet or bank account, without the hassles of additional payments, handling dirty cash and the risk of a hold-up.

Now expanded wet markets like sari-sari stores and transport units, Paleng-QR Ph Plus membership now supports multiple e-wallets, in promoting safer, contactless payments.

Baccay hinted that a tourism province like Bohol, digitalization especially in adopting Paleng-QR Ph Plus would improve its inclusive economy.

Tourists particularly avoid carrying large amounts of cash and thrive on rapid transactions with their mobile wallets or credit cards, as they are more familiar with the digital system, and they expect similar systems in the places where they travel.

Beyond that, cashless payments often show the amount equivalent in the traveler’s home currency, that it becomes easy for them to pay that secure loose change.

Besides, tourists avoid hidden markup at currency exchange kiosks.

With the problem, BSP is firming up a partnership with Bohol information officers to help caonvince LGUS to adopt the Paleng-QR Ph Plus in their towns. (PIABohol)

PARTNERSHIP WITH AUDIO. BSP’s bank Officer Gregorio Baccay III says the BSP intends to forge a partnership with AUDIO Bohol to help convince LGUs to go digital, during the recent information officers meeting here in Tagbilaran City. (PIAbohol)