The sheer convenience afforded by simply scanning an e-wallet QR code over fiddly physical cash exchanges has fundamentally transformed the nature of everyday payments in the Philippines. What’s more, Filipinos’ trust in digital wallets has never been higher according to a survey by Nomura Research Institute, with 95% of polled respondents continuing to trust digital wallets despite encountering issues with apps, one-time passwords (OTPs), and server downtimes.
Wider QR payment adoption has been further accelerated by the recent full rollout of the QR Ph Standard. QR Ph is derived from the Europay-Mastercard-VISA (EMV) standard, which is internationally recognized for ensuring secure payments. This standard enables customers of both banks and non-bank electronic money issuers (EMI) to conveniently and securely conduct transactions, including payments, transfers, and fund receipts among various bank and e-money accounts within the Philippines.
This new standard has effectively done away with the older “walled garden” approach to QR code payment where each financial institution’s QR payments only worked with their own apps and systems. With QR Ph, owners of Philippine bank, card, and e-wallet accounts can make seamless transfers to other Philippine-based accounts with any standard-compliant app.
Why Is QR Ph Important for Philippine-Based Businesses?
If you operate a consumer-facing business, you will already have doubtless experienced the high preference for QR payment transactions. QR Ph allows customers to pay for their purchases using their preferred app, no matter the banking institution they are affiliated with or the type of mobile device they use. The increased interoperability provided by the QR Ph standard has only served to boost the already massive popularity of QR code payments. This has been a positive development, given the enhanced security, convenience, and peace of mind QR codes offer.
With physical cash payments continuing to decline, QR code payments have never been more important. A growing list of small businesses in the Philippines are now choosing Maya QR as their in-store QR solution, largely thanks to the omnichannel diversity offered by Maya Business.
In this article, we’ll take a closer look at some of the advantages and applications of QR Ph payments:
Simplified Online Payments
QR Ph is already boosting the Philippines’ e-commerce potential. By removing old barriers, the adoption of QR Ph has also further increased trust in online payments and boosted the local e-commerce sector.
If you have an e-commerce operation, Maya Business offers multiple ways to facilitate QR Ph-compliant payments. The Maya Checkout online payment solution can be integrated into a variety of websites and apps to enable QR payments over these channels. Sites based on popular platforms like WooCommerce and Shopify also enjoy a faster path to processing QR Ph-compliant payments with Maya Plugins. E-commerce operations that rely on email or social media won’t be left behind either, thanks to Maya’s Invoice Payments and Payment Links, which also take advantage of the convenience of Maya QR and QR Ph-compliant payments.
Convenient and Secure Physical Store Payments
The rollout of the QR Ph system means that your customers no longer require a Maya app to scan the static QR code on your physical QR standee or to read dynamic QR codes generated by your QR code POS system. Payment acceptance terminals such as the Maya Terminal and portable Maya Terminal Lite generate dynamic QR codes that can be read and processed by any QR Ph-compliant app offered by Philippine banks and digital wallet providers.
Convenient Off-Site and Cashless on Delivery Payments
Similar to in-store payments, the Maya Terminal and Maya Terminal Lite can also be used to generate a dynamic QR Ph-compliant payment QR code for other types of in-person payments. Your customers will no longer need to open a new account or download new apps simply to complete QR payments during deliveries or at pop-up stores, creating a more pleasant out-of-store payment experience for everyone involved.
Take Your Business Even Further with Maya QR
The Philippine online payments landscape has never been more accessible, thanks to the convenience and interoperability provided by the QR Ph standard. With the right set of Maya Business payment solutions, your business will enjoy seamless QR code acceptance wherever you take your business. Sign up for Maya Business to get your Maya QR Kit and to activate Maya’s suite of online and offline payment solutions.
Getting Maya Business also grants full access to a Maya Business Deposit account for your settlements. With a jaw-dropping 2.5% per annum interest rate, your business funds can grow 20-25x faster compared to competing banking products, making your funds earn an extra PHP 25,000 yearly on just a PHP 1 million deposit.
Opening a Maya Business account also puts you on the fast track for a Maya Flexi Loan offer as high as PHP 2 million in just 3 months. Use your loan to further develop your payment processes and to transition your business to more efficient cashless payments. For bigger subsequent loan offers, simply use Maya as your primary processor for all wallet and card payments.
Complete your Maya Business application today to upgrade to QR Ph-compliant payment solutions.
