To provide a fast, easy and safe way to meet the financial needs of their customers, Home Credit boosts its QR Code payment service by joining Bangko Sentral ng Pilipinas (BSP) with QR Ph, the national QR Code standard launched recently to 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 allow their credit cardholders to make cardless payments through the use of quick response or QR codes. With the availability of QR Ph person-to-merchant (P2M) payments, its cardholders will have access to an additional 30k+ participating merchants nationwide including retails stores, groceries, gas stations, pharmacies and more.
Through the My Home Credit App, cardholders will only need 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 newly-launched buy now, pay later product Qwarta also becomes available, their customers will be provided with a spending limit of up to 10,000 within the app for their shopping needs.
Aside from the convenience it brings, QR codes are also considered a safe and secure payment method. Offering multiple layers of security, customers are in control of the process by scanning the code without the need to provide personal information such as PIN. In the My Home Credit App alone, all transactions made will be automatically charged to the Home Credit Card or Qwarta which can also be checked and tracked through the mobile app.
“Our digital efforts go all the way back before the pandemic and we continue to do that by offering innovative digital payment products and services to our almost 8 million customers. You can always count on us to fully support any initiative of BSP to further the adoption of digital payment methods and ultimately, foster financial inclusion in the country,” said Home Credit PH Chief Executive Officer (CEO) David Minol.
A vital part of BSP’s advocacy to promote financial technology and digitalization is to shift all transactions to digital by 50 percent before 2023. In the same time period, the central bank is also aiming for at least 70 percent of Filipino adults to have digital payment accounts.
In the recent months, the use of QR Codes has been gaining popularity amongst consumers and businesses alike due to social distancing measures caused by the pandemic. It has quickly replaced the heavy use of cash in various transactions and served as 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 increasing demand with partner brands and merchants already offering QR Code payment services to its customers.
“Our long-standing partnership with Home Credit starting in 2018 also makes them a pioneer in the usage of QR code payments,” said Executive Vice President and Head of Operations and IT Group, Mr. Wilfredo Rodriguez Jr. “Having them as our partner will help widen our reach as well as improve the user experience of their growing customer base with the accessibility of seamless payment services for various sectors such as retail, food and beverages, electronics, supermarkets, services, entertainment, and attractions.”
Founded by the mission to provide services to the unbanked and underserved segment, Home Credit’s participation in the implementation of QR Ph is only expected. With the launch and availability of QR Ph, more stores and merchants will be available to Home Credit consumers so they can continue using digital payments for their day-to-day transactions with their My Home Credit App and enjoy its benefits with greater ease.
The inclusivity that QR Ph brings due to its low cost and convenience will enable more consumers and businesses to participate in the digital payment ecosystem – starting with micro & small enterprises and vendors such as sari-sari stores and tricycle drivers that will eventually help them improve and grow their businesses. In turn, this will empower more consumers, particularly the unbanked market, to start using and patronizing QR Code payment services.
More than 9 million users of the My Home Credit App can simply scan the QR Ph codes displayed in over 30,000 establishments using their mobile device for essential goods and services, making it a faster, easier and safer payment option.
For more information, visit www.homecredit.ph and follow Home Credit at www.facebook.com.homecreditph.