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AUB rolls out QR-enabled payment platform

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ASIA United Bank (AUB) recently launched its quick response (QR) code-enabled payment scheme for its customers and merchants in support of the government’s call to promote digital transactions.

In a statement last Monday, the banking arm of Republic Biscuit Corp. (Rebisco) said it launched the QR Ph under its “HelloMoney” and “PayMate” digital payment-acceptance platforms.

AUB shares ended flat at P43.50 apiece amid the 0.03-percent decline for the main index on Monday.

AUB President Manuel A. Gomez was quoted in the statement as saying the bank “strongly supports” the Bangko Sentral ng Pilipinas (BSP) in promoting digital transactions.

“And we believe QR Ph is one effective engine to fast-track the vision for a cash-lite economy,” Gomez said.

The listed bank said that while serving as an alternative to traditional debit and credit card payments, using QR codes to settle transactions also “displaces” the “significant volume of cash transactions in the country.”

AUB said that simple scanning of merchant-displayed QR Ph code through mobile devices is not only a quicker and more secure mode of payment but also benefits customers.

“AUB sees QR code transactions to proliferate as many consumers who made the digital pivot are already discovering and growing accustomed to cashless and contactless payment options such as scanning QR codes,” Wilfredo E. Rodriguez, AUB executive vice president for IT and Operations, said.

“With the full implementation of QR Ph, more unbanked Filipinos, as well as micro and small enterprises, will be able to join the formal financial system as QR Ph will enable them to carry out electronic fund transfers and digital payments with greater ease,” AUB First Vice President Mags Vasquez-Surtida added.

The statement was issued a week after the BSP and the Philippine Payments Management Inc. held the pilot launch of the QR Ph person-to-merchant (P2M) digital payment stream, which AUB is a participant.

The listed bank said it has deployed its P2M QR Ph codes to more than 15,000 AUB PaymMate merchants. The bank’s AUB mobile app and HelloMoney QR are also QR Ph-compliant, allowing users to transact via e-wallet.

The BSP required all payment service providers, AUB noted, to adopt the national QR code standard to allow interoperable payment solutions. This means customers would only have to use single QR code when settling transactions.

QR Ph is set to be fully rolled out by September this year.

“The safety, ease and affordability of using QR Ph P2M will make digital payments more accessible to Micro, Small, and Medium Enterprises (MSMEs) in the Philippines,” BSP Governor Benjamin E. Diokno said in a recent statement.

The pilot launch of person-to-person QR Ph was conducted in November 2019. AUB was among the participating payment service providers.

Read full article on BusinessMirror

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