Rizal Commercial Banking Corp. (RCBC) led by bankero Eugene Acevedo has launched QR pay, an alternative to cash and credit card payments that will provide convenience to the Yuchengco-led bank’s corporate clients, merchants, and customers.
Eric Buenaflor, senior vice president and business development head at RCBC, said that QR pay is a solution allowing merchants to accept payments from their customers just by scanning the QR code using their mobile app of BancNet participating institutions.
This is the latest addition to the digital collection services under the Global Transaction Banking Group of RCBC.
QR Pay uses QR PH, the Philippines’ national QR code standard initiated by the Bangko Sentral ng Pilipinas (BSP).
The Philippine Payments Management Inc. (PPMI) launched the QR PH as the National QR Code standard under the guidance of BSP in November 2019.
Then BSP required all participating payment service providers, including banks and non-bank electronic money issuers (EMIs), to adopt QR PH in order to foster the country’s payment system efficiency by transforming the fragmented QR-driven payment services in the country into interoperable payment solutions.
Such a move is expected to substantially minimize the need for merchants and customers to maintain their accounts with the same payment service providers, and for billers to display numerous QR codes to accept payments from customers who may be using other banks or EMIs.
“RCBC is always trying to come up with solutions to make transactions fast, safe, convenient, and secure for our clients and merchants as well as our customers. With QR Pay, our merchants can accept contactless, cashless, and cardless payment via customer’s mobile app. The customers just need to scan the QR code to be displayed at a merchant’s store and pay,” Buenaflor said.
With QR Pay, there is no transaction limit and there will be real-time monitoring via free SMS notification for every successful transaction. A minimal flat transaction fee will be charged for every payment transaction.
Clients of some financial institutions such as RCBC, PayMaya, state-run Land Bank of the Philippines, China Bank, AllBank, Asia United Bank, CLRB, UnionBank, Starpay, Tayocash, and USSC Money Services Inc. can use QR Pay to pay their merchants.