Nearly 100% of vendors adopt BSP’s QR system

Nearly 100% of vendors adopt BSP’s QR system
(File Photo from Mandaue City Public Market's Facebook)

NEARLY 1,000 vendors at the Mandaue City Public Market have adopted the Paleng-QR PH Plus system, which encourages cashless transactions among consumers.

The City Government launched the system last year to make transactions faster and more efficient between the seller and the buyer.

This initiative is part of a nationwide push by the Bangko Sentral ng Pilipinas (BSP) to promote cashless payments in public markets and transport services.

Partnering with the Department of the Interior and Local Government, the BSP introduced the Paleng-QR PH Plus at the Mandaue City public market.

QR PH allows customers to pay using their preferred app, regardless of their bank or device. To use, users need a smartphone with a camera, a reliable internet connection and the mobile app of their preferred bank or electronic money issuer.

Cristina Mosqueda, a market vendor, told SunStar Cebu on Tuesday, June 11, 2024, that almost all vendors at the Mandaue City Public Market use the GCash QR.

Currently, the public market has 1,200 stalls—970 are actively in use, with 203 remaining vacant.

Having sold goods for over a decade, Mosqueda finds the QR system more convenient because it lessens the need for giving coins as change, making transactions quicker.

However, some market stalls do not use the QR system because the vendors, often older, are not familiar with the technology.

Yolly, a regular market customer, prefers using the QR system because it saves time waiting for change. But she still uses cash when her GCash account is empty.

So far, there have been no reports of scams involving digital transactions, according to Mosqueda. Vendors are very careful, always double-checking to ensure that customers have paid correctly.

Paleng-QR PH Plus promotes cashless payments as an alternative to cash for buying goods at public markets and paying for public transport, using QR codes from the GCash app.

The Paleng-QR PH Plus is a key part of the BSP’s National Strategy for Financial Inclusion 2022-2028, aiming to speed up financial inclusion in the country. / CAV

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