Diokno cites need to tap tech to push for digital payments

In his speech during the launch of the newest McDonalds NXTGEN store, which is the re-opened branch at the corner of 32nd Street and 5th Avenue in Bonifacio Global City, the BSP chief said “digital payment services is inevitable.” (File Photo: Department of Budget and Management/Facebook)

MANILA — Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno on Wednesday highlighted the need to continuously tap technological innovations to further boost economic activities.

In his speech during the launch of the newest McDonalds NXTGEN store, which is the re-opened branch at the corner of 32nd Street and 5th Avenue in Bonifacio Global City, the BSP chief said “digital payment services is inevitable.”

He said digital payment platforms are now needed because “technology make us more efficient in various ways” since it also increases economic activities.

“Funds should quickly change hands to make sure that the money required to support the accelerating pace of productive activities is made available on time,” he said.

Diokno said “the only way we can cope with such a challenge is to provide digital payment services.”

He said private sector initiatives related to the central bank’s goal to hike digital payments transactions to account for about 20 percent of the total by 2020 is a big help.

“We, at the BSP, acknowledge the crucial role the private sector play in supporting the NRPS (National Retail Payment System) and driving the digital transactions in the country. Together with government and key industry enablers we must work hand-in-hand towards our common goal of growing electronic payment transactions in the country by 20 percent by next year,” he said.

“As we empower more consumers and business to adopt digital payments, we are also promoting wide access to financial services,” he added.

Meanwhile, the McDonald NEXTGEN store concept allows customers multi-point ordering options like using the Self-Ordering Kiosks where they can use their debit cards as well as the PayMaya QR, which is currently available in select BGC branches and will be available in over 200 McDonalds stores accepting cashless payments within the next month.

To use the PayMaya QR users need to download the PayMaya app on their phones, register for an account and load funds to their account.

“We congratulate McDonald’s for being one of the trailblazers in pushing for innovations in the quick-service restaurant industry, and our expanded partnership with them brings the payment experience of customers to a whole new level,” PayMaya founder and CEO Orlando Vea said.

The companies earlier entered into a partnership that enabled McDonald’s to accept credit, debit and prepaid card payments of those powered by Visa, Mastercard, and JCB either via the NXTGEN stores or over the regular store counter.