BSP, DILG, join forces with GCash in rollout of ‘Paleng-QR Ph plus’ in Lapu-Lapu City
Driven by its shared vision to make the Philippines a more financially inclusive nation, the Bangko Sentral ng Pilipinas (BSP) and the Department of the Interior and Local Government (DILG) have expanded the rollout of the ‘Paleng-QR Ph plus’ initiative to Lapu-Lapu City, in collaboration with GCash, the country’s leading mobile wallet.
Under the Paleng-QR Ph Plus initiative, market vendors, and tricycle drivers can easily transact with their customers through GCash QR codes. With this, vendors, drivers and consumers are assured of a safer and more seamless cashless experience – ultimately boosting the growth of the digital ecosystem, especially in the grassroots economy.
"Now, merchants in Lapu-Lapu City as well as micro, small , and medium enterprises (MSMEs) are enjoined to display their GCash QR codes in their stores. This way, we are empowering our small vendors and drivers to accept cashless transactions, in line with our efforts to boost digitalization towards achieving our ultimate goal of financial inclusion," said Martha Sazon, chief executive officer of GCash.
In total, there are 375 zone market stalls and 440 vendors who have already been on-boarded for Paleng-QR Ph payment.
Boosting the initiative for massive digital payment adoption across the country, GCash, BSP, and DILG have been strengthening their partnership to expand the Paleng-QR rollout in Baguio City Public Market, Bankerohan Public Market in Davao City, Dao Public Market in Tagbilaran City, and the People’s Market in Naga City – all of which now accept GCash cashless payments using QR codes.
Over the years, GCash and the BSP have launched various initiatives and advocacy programs, especially during the pandemic granting innovative financial solutions as well as safe and convenient financial access to all Filipinos. Moreover, the strategic partnerships between GCash and BSP have helped in making consumers more financially capable and empowered, and have also helped micro, small, and medium enterprises (MSMEs), including start-ups and agriculture sector workers to grow their businesses and uplift their livelihood.
In line with the goal of the BSP to build a more cash-lite society, GCash remains to help the Philippines transition to a digital and financially inclusive country to make Filipino lives better every day.
The GCash app is available for free on Google Play or the App Store. For more information, visit https://www.gcash.com.
About Mynt
Mynt is the first and only $5 billion unicorn in the Philippines. It's a leader in mobile financial services focused on accelerating financial inclusion through mobile money, financial services, and technology. Mynt operates two fintech companies: GXI, the mobile wallet operator of GCash — the #1 Finance App in the Philippines, and Fuse Lending, a tech-based lending company that gives Filipinos access to microloans and business loans.
About GCash
GCash is the Philippines’ #1 Finance App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash’s mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only duacorn in the Philippines.
Mynt and GCash are staunch supporters of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.
For more information, please contact:
Bruce Rodriguez, Head of Business Communications
Corporate Communications
Legal Disclaimer & Safe Harbor Statement
This press release is for informational purposes only and does not constitute, or form part of, any offer, solicitation, or invitation to sell, issue, purchase, or subscribe for any securities in the Philippines, the United States, or any other jurisdiction. No securities of Mynt, Inc. have been or will be registered under the U.S. Securities Act of 1933, as amended, and such securities may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. There will be no public offering of the securities of the Company in the United States. No money, securities or other consideration is being solicited by this document or the information contained herein and, if sent in response to this document or the information contained herein, will not be accepted. Any potential initial public offering and listing in the Philippines, if pursued, remain fully subject to prevailing market conditions and regulatory approvals, including the registration requirements of the Philippine Securities and Exchange Commission and the listing rules of the Philippine Stock Exchange, Inc., and there can be no assurance that any such filings will be made or that any offering or listing will be consummated. This document contains forward-looking statements that involve inherent risks and uncertainties; actual results, timelines, and outcomes may differ materially from those projected due to shifting market dynamics, economic environments, and regulatory updates.
