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Bangko Sentral ng Pilipinas partners with PayMaya

The Bangko Sentral ng Pilipinas (BSP) headquarters is going cashless by equipping merchants with digital payment facilities through its partnership with financial technology company — PayMaya.

Edz Clarkson

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MANILA, Philippines — The headquarters of the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) in Manila is going cashless by equipping merchants with digital payment facilities through its partnership with financial technology company PayMaya.

The partnership between Bangko Sentral ng Pilipinas and PayMaya will provide 3,000 employees with electronic payment options such as using the financial technology company’s flagship app with QR code scanners or PayMaya cards, Voyager Innovations, the digital innovations arm of Smart and PLDT said in a press statement.

“Having payment technologies such as PayMaya QR available in the central bank headquarters is a signal that the BSP is serious with its goal to have a cash-lite economy fueled by different cashless payment options within its own compound,” the press statement reads.

BSP Bangko Sentral gn Pilipinas PayMaya

The Bangko Sentral ng Pilipinas said it plans to strengthen the cashless payments in the Philippines to 20 percent from 1 percent by 2020.

On April 5, 2018, Visa and SM Retails Inc. also announced their partnership to offer cashless payment terminals in all the latter’s SM malls and affiliate stores in the country.

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