Going Cashless & Contactless Is Now Easier for Robinsons Bank Merchants
RBank adopts QR Ph, the national QR code standard mandated by the BSP
by Robinsons Bank And JG Summit Teams| May 12, 2021
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There are multiple advantages in moving towards a cashless economy. According to financial experts, going cashless would not only make transactions easier, safer, and more convenient for consumers, it would also lead to lower crime rates and fewer cases of financial fraud, as well as save on costs associated with the printing, storing, and handling of paper money.
While the adoption of contactless or cashless transactions has steadily been gaining traction in recent years, the Covid-19 pandemic exponentially accelerated this shift in the last year.
When the World Health Organization encouraged people in 2020 to use cashless transactions as a means to curb the spread of Covid-19, financial institutions all over the world listened and took action.
In the Philippines, Robinsons Bank was an early adopter of QR technology, having launched its QuickR product in July 2020. QuickR is a cashless payment solution that allows RBank merchants to receive payments from RBank customers using a QR (short for Quick Response) code.
This year, RBank is among seven financial institutions taking part in the pilot launch of the QR Ph Person-to-Merchant (P2M) standard, an interoperable or unified QR code for merchants, as mandated by the Bangko Sentral ng Pilipinas.
Under the BSP’s P2M initiative, the QR Ph code for merchants was rolled out on April 30, 2021.
According to the BSP, its P2M initiative aims to make digital payments more accessible to micro, small, and medium enterprises, giving them the opportunity to make use of a safer, easier, and more affordable digital payment solution.
Interoperability, as defined by the BSP, is “the state in which end-users can transfer funds from their own account to any transaction account of a BSP-supervised financial institution using any device.”
Thus, with the adoption of the QR Ph P2M standard, merchants with the RBank QR Ph code can now accept QR code payments made from other banks and e-wallets. Likewise, RBank account holders can take advantage of the contactless payment solution by scanning and paying at participating stores displaying the QR Ph code.
“We are excited to be one of the first to adopt the QR Ph standard. This allows our merchants a wider reach and offers our clients quick and hassle-free payment options. Expect to see more merchants displaying the RBank QuickR payment QR code, especially within Robinsons Malls. Customers can begin to enjoy the safety, security and convenience of paying via QR soon,” said Albert Raymund Tinio, Senior Vice President and Merchant & Acquiring Head of Robinsons Bank.
Early this year, Robinsons Bank also implemented the use of an interoperable QR for person-to-person transactions, allowing RBank customers to send and receive funds from other banks.
As times continue to change, Robinsons Bank strives to fulfill the needs of its customers by empowering them with seamless solutions that will help them grow their business.
Interested in becoming an RBank Merchant? Click here to learn more.
For inquiries and concerns, you may reach Robinsons Bank through its Customer Care Center at (02) 8637-CARE (2273) or domestic toll-free 1-800-10-637-CARE (2273); or visit its website at robinsonsbank.com.ph. Like them on Facebook at facebook.com/robinsonsbank and join its Viber Community at bit.ly/RBankCommunity to get the latest updates.
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