MANILA - UnionBank of the Philippines is enabling QR payment transactions to support the Bangko Sentral ng Pilipinas and the Department of the Interior and Local Government's drive to promote cashless payments in public markets.
The "Paleng-QR" initiative, which aims to promote digital payments to public markets and local transportation, was recently launched at the Malcolm Square in Baguio City.
The goal is to encourage vendors as well as public utility drivers to transact with customers using QR codes on a daily basis.
In a statement, the bank said it is using its digital capabilities to simplify payments between individuals.
The bank participated during the launch to provide assistance and support individuals who are willing to learn more about digital payments and those who wanted to open online bank accounts, it said.
"The Paleng-QRPH program of the BSP and DILG is a perfect example of multiple stakeholders working together to promote financial inclusion in the country," said UnionBank SME and Micropreneurs Segment Head Jaypee Soliman.
"For us at UnionBank, we know how essential collaboration and co-creation are in achieving a common goal, thus, we will continue to back up measures like this," Soliman added.
UnionBank said it has always been supportive of innovation and the digital economy with its Tech-Up Pilipinas advocacy.
The bank has its own mobile app where users can open bank accounts. It has also recently began rolling out its digital bank UnionDigital.