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In a significant move towards digital transformation, the Bangko Sentral ng Pilipinas (BSP) and the Local Government Unit (LGU) of Cabagan, Isabela, have launched the PalengQR Ph Plus programme to promote cashless transactions in local marketplaces. This initiative is part of BSP’s broader effort to build a robust digital payments ecosystem for market vendors, small shopkeepers, and tricycle operators.
The PalengQR Ph Plus programme, developed in collaboration with the Department of Trade and Industry (DTI), the Department of Information and Communication Technology (DICT), and the Department of the Interior and Local Government (DILG), extends the QR Ph initiative to local businesses and transportation services. This programme aims to enhance digital payment acceptance and integrate it into everyday transactions within the community.
BSP Area Director Eva Lynne Marcos highlighted that the programme builds on the existing QR Ph framework, urging local governments nationwide to promote digital payment systems.
“The PalengQR Ph Plus programme is designed to digitalise payments for business transactions and local transportation,” Marcos explained.
She commended the LGU of Cabagan for its proactive approach and implementation of the programme, emphasising its potential benefits for both vendors and consumers.
Cabagan Mayor Christopher A. Mamauag expressed his gratitude to BSP and its partner agencies for their support. He affirmed the local government’s commitment to digitalisation and announced additional incentives for businesses that fully embrace digital payments.
“This initiative will streamline payment processes and position Cabagan as a leader in technological advancement within the province,” Mamauag stated.
DTI Isabela OIC Provincial Director Ramil D. Garcia also praised the programme’s impact on local economic growth and modernisation. He emphasised that the launch of PalengQR Ph Plus represents a crucial step in Cabagan’s digital transformation, setting a precedent for other municipalities in Isabela and beyond.
“The introduction of this programme in Cabagan marks a pivotal moment in the town’s journey toward digital modernisation,” Garcia noted.
Cebu City also began enjoying a more convenient and secure way to transact earlier this month as the local government officially launched the Paleng-QR PH initiative. Acting Mayor Raymond Alvin Garcia rolled out the programme at the city public market, aiming to promote cashless payments in public markets and local transportation, especially tricycles.
“This initiative was not just about embracing the digital age; it was about ensuring that no one was left behind as we moved towards a more digitalised future,” Acting Mayor Garcia stated during the launch.
Earlier this year, a study showed that 37% of surveyed Filipinos believe that the majority will adopt cashless payments by 2030, as mobile wallets and cards gain popularity. The study revealed a significant drop in cash transactions, with their use falling to 87% in 2023 from 96% in 2022.
In contrast, mobile wallet usage rose to 87% and card usage increased to 70%. It was noted that mobile payments are now on par with cash at 87%, reflecting a growing comfort with cashless options.
The decreasing reliance on cash is partly due to the growing acceptance of cashless payments and concerns about the safety of carrying physical money. While Filipinos prefer QR codes for contactless payments over cards, the study showed high cashless acceptance in various sectors: supermarkets at 88%, food and dining at 86%, and bill payments at 82%.
DICT is spearheading digital transformation in the Philippines with initiatives like the e-Gov PH platform and the e-LGU app, which streamline government services and secure transactions. These tools reduce costs, enhance connectivity, and improve efficiency.
The PalengQR Ph Plus programme signifies a key advancement in the push for digital payments across the Philippines, demonstrating a strong commitment to improving business operations and consumer convenience through technology.
