BPI recommends QR code cashless payment for small businesses

(Press Release)

The Bank of the Philippine Islands (BPI) recently rolled out its Cashless Negosyo webinar series in North Luzon, which aims to boost the ability of small entrepreneurs to adapt to the new reality as consumers turn to e-commerce due to quarantine constraints amid the Covid-19 pandemic.

According to the bank, digital payments will aid small business owners to ensure personal, employee, and customer safety. This will help them abide by the government’s minimum health protocols and enables them to offer their goods and services online or via delivery.  It also allows them to reach as many customers despite quarantine restrictions.

“BPI provides cashless payment option to small business owner or sole proprietor clients of the bank and help minimize if not eliminate waiting lines in their stores because their customers can just scan the QR code simultaneously to pay for their purchases. That is why for small business owners who will be generating their own QR code, it is important to make QR standees so that customers can check out faster,” said BPI Division Head for North Luzon, Marwin Galvez.

BPI reiterated that cashless payments made via QR code is not only faster and safer but is also more accurate than using electronic fund transfer as a payment option because it’s less prone to typing erroneous details compared to doing fund transfer by inputting the 10-digit account number.  It eliminates the risk of transferring money to the wrong account.

BPI noted that from 70% in March 2020, the number of transactions done digitally increased to 90% in November 2020. More than half of its 8 million clients are also now registered to the bank’s digital platforms for their everyday banking needs.

Small business owners may promote their cashless payment option to encourage and reassure customers that it is still safe to shop through this contactless payment method.

“We encourage small business owners to make use of the QR code system as a way of protecting them and their clients as the market shifts to more online transactions and digital living in the new normal,” Mr. Galvez added.