UPLB team idea about QR Ph
Bangko Sentral ng Pilipinas

UPLB team idea about QR Ph

Sep 19, 2022, 11:22 AM
Kaithe Santos

Kaithe Santos

Writer

BSP Youth Summit 2021 finalists from University of the Philippines Los Baños came up with the idea of “Paleng-QR Ph”.

The young Filipinos who came up with the concept for "Paleng-QR Ph" were praised by a grateful Bangko Sentral ng Pilipinas (BSP).

Paleng-QR Ph, a recently introduced initiative in Baguio City, encourages market vendors, shopkeepers, and tricycle drivers across the country to digitize their transactions by using quick response (QR) technology for electronic payments.

The BSP noted that the initiative stemmed from its “Youth Summit 2021,” which included a policy competition for advancing the central bank’s digitalization and financial inclusion efforts.

The University of the Philippines-Los Baos (UPLB) team, which included Martin Rafael Torres, Reymar Angelo Cabatu, Harper de Leon, Oliver Caile Montesar, and Paolo Nicomedes presented their idea, and the BSP decided to use it for Paleng-QR Ph. Their adviser was Joram Obsioma.

“Our team conceived of a mobile application called e-Palengke to enable selling and buying of goods online,” Torres said.

The concept was aimed at helping Filipinos face the challenges of the COVID-19 pandemic while promoting financial digitalization.

“By helping palengkes go digital, we not only help market vendors protect themselves against COVID-19 but also to cope with the fast-changing financial environment—‘Yung hindi sila mapag-iiwanan ng mga malls and techie businesses,” Obsioma explained.

The UPLB students worked on the e-Palengke mobile app concept paper for around three months. After three months of research, Nicomedes claimed that it was a "moment for the group as they came with QR Ph, which was their "eureka" or "I found it! moment.

The team’s policy paper, “Paleng-QR PH: Breaking the Barriers to Digital Payment Systems Starting from Local Markets,” eventually landed in the list of Youth Summit finalists.

Consumers and merchants will benefit from quicker and more easy transactions thanks to Quick Response Ph as the technology minimizes errors associated with the manual encoding of account details.

Exact amounts can be paid, it also does away with the need for retailers to stock up on change. Moreover, the technology is affordable, and merchants do not need an expensive point of sale or data capture terminals to process payments.

The Bangko Sentral considers the youth as strategic partners in promoting digitalization and financial inclusion throughout the country.

Tags: #BSP, #UPLB


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