To provide a fast, easy and secure way to meet the financial needs of their clients, Home Credit is strengthening its QR code payment service by joining Bangko Sentral ng Pilipinas (BSP) with QR Ph, the recently launched national QR code standard for move the country to a more “cash-lite” environment.
In partnership with Asia United Bank Corp. (AUB), Home Credit – the first non-bank institution in the country to issue a credit card to its customers – is also a pioneer in the QR code payment service being the first to authorize their credit. cardholders to make cardless payments through the use of quick responses or QR codes. With the availability of person-to-merchant (P2M) QR Ph payments, its cardholders will have access to over 30,000 additional participating merchants across the country, including retail stores, grocery stores, gas stations, pharmacies and more.
Through the My Home Credit app, cardholders will only have to scan the displayed QR Ph codes to pay for their purchases, paving the way for a cashless and convenient payment option for transactions. As their new product, Buy Now, Pay Later, Qwarta also becomes available, their customers will have a spending limit of up to 10,000 in the app for their purchasing needs.
Besides the convenience they bring, QR codes are also considered to be a safe and secure means of payment. Offering multiple levels of security, customers control the process by scanning the code without having to provide personal information such as PIN code. In the single My Home Credit app, all transactions made will be automatically debited to the Home or Qwarta credit card, which can also be verified and tracked through the mobile app.
“Our digital efforts date back to before the pandemic and we continue to do so by delivering innovative digital payment products and services to our nearly 8 million customers. You can always count on us to fully support any BSP initiative aimed at fostering the adoption of digital payment methods and ultimately fostering financial inclusion in the country.“said David Minol, CEO of Home Credit PH.
A key part of BSP’s advocacy to promote fintech and digitization is to move all transactions to digital by 50% by 2023. During the same period, the central bank is also aiming to have at least 70% of Filipino adults have digital payment accounts. .
Over the past few months, the use of QR codes has grown in popularity with consumers and businesses alike due to social distancing measures caused by the pandemic. It quickly replaced the massive use of cash in various transactions and was a viable alternative to traditional debit and credit card payments. Home Credit, with its partner AUB, was one of the first to respond to this growing demand with partner brands and merchants already offering QR Code payment services to its customers.
“Our long-standing partnership with Home Credit from 2018 also makes it a pioneer in the use of QR code payments ”, said Executive Vice President and Chief of Operations and IT Group Mr. Wilfredo Rodriguez Jr. “Having them as a partner will help us expand our reach and improve the user experience of their growing customer base with the accessibility of transparent payment services for various industries such as retail, food and beverage, electronics, supermarkets, services, entertainment and attractions. “
Founded by the mission of providing services to the unbanked and underserved segment, Home Credit’s involvement in the implementation of QR Ph is only expected. With the launch and availability of QR Ph, more stores and merchants will be available for home credit consumers so that they can continue to use digital payments for their daily transactions with their My Home Credit app and take advantage of its benefits. benefits more easily.
The inclusiveness brought by QR Ph due to its low cost and convenience will enable more consumers and businesses to participate in the digital payment ecosystem – starting with micro and small businesses and vendors such as sari-sari stores and tricycle riders who will eventually help them improve and expand their businesses. In turn, this will allow more consumers, especially in the non-banking market, to start using and patronizing QR code payment services.
Over 9 million My Home Credit app users can simply scan QR Ph codes displayed at over 30,000 establishments using their mobile device for essential goods and services, making it an option to faster, easier and more secure payment.
For more information, visit www.homecredit.ph and follow Home Credit on www.facebook.com.homecreditph.