AllBank (A Thrift Bank), Inc. has partnered with Dragonpay to boost QR payments in the Philippines.
The deal will allow Dragonpay users to pay using their e-wallets and bank accounts with QRPh-P2M of AllBank. Users will need their mobile phones to scan Dragonpay’s QR Code for payment.
“We are very much delighted to collaborate with Dragonpay, as this marks another milestone for AllBank’s goal of expanding its digital payments initiatives and to make AllBank QR Payment Facility be accessible to our clients and to other consumers,” Jesus Vicente O. Garcia, President of AllBank, said.
In September 2021, AllBank became the first bank in the Philippines to adopt ISO 20022. The Bank started its QR Payment initiative in the same year as one of the pilot banks for QRPh-P2M. It is also reportedly the first thrift bank to become part of the BSP’s QRPh-P2M program.
Launched in October 2021, QR Ph P2M enables interoperable digital payments between customers and merchants even if they maintain accounts with different financial service providers. QR Ph had initially been rolled out in 2019 for person-to-person (P2P) payments and remittances.
The implementation of QR Ph P2M is aligned with the BSP’s Digital Payments Transformation Roadmap 2020-2023 (DPTR), which aims to digitalize at least 50 percent of total retail payments in the country and onboard at least 70 percent of Filipino adults into the financial system.
Speaking on the announcement, Robertson Chiang, President and CEO of Dragonpay said: “At Dragonpay, our mission has always been to empower businesses and consumers alike with a seamless and secure payment platform,”
He added: “As we journey forward and our business continues to evolve, we see a significant opportunity in partnering with AllBank on further enhancing the breadth of options and convenience for our valued end-customers.”
