March 4, 2024

The Bangko Sentral ng Pilipinas said 60 percent of vendors in the city public market availed of the platforms of several financial service providers that cater to the digital payment transactions mandated under the agency’s PalengQR plus.

BSP North Luzon bank officer Rodora Teresa Openiano said the estimated number of vendors who enrolled for digital payment transactions was based on the reports of the financial service providers as part of the efforts to achieve cashless transactions in public services.

She said the PalengQR was expanded to PalengQR plus because the BSP is working on convincing various sectors such as the transport and cooperatives, among others to start shifting to digital payment transactions for convenience in the settlement of financial obligations without using cash.

She expressed hope there will still be an increase in the number of market vendors availing of the existing digital payment transaction to encourage the public to use digital payments when buying goods in the city market and for other similar purposes in other establishments.

She said digital transactions are safe because of the safeguards and frameworks put in place by the financial service providers complimented by the stringent regulations imposed by the BSP for these providers to operate said transactions, thus, people should start using digital payment transactions to experience the convenience of cashless transactions.

Earlier, the city government offered a one-time discount of 2.5 percent on business taxes paid by vendors enrolling with financial service providers that offer digital payment transactions for the purchase goods from their stalls at the city public market.

Openiano said the increasing number of market vendors enrolling with financial service providers for the digital payment transactions shows increasing public awareness on the importance and convenience of having digital payment options in the purchase of goods and services. – PIO release