Borongan City in Eastern Samar has become the first in Eastern Visayas to enforce cashless among tricycle drivers and market vendors.
In an Inquirer.net article, this initiative is through the use of the PalengQR PH Plus program, which was launched last March 19 by the Bangko Sentral ng Pilipinas (BSP) and the Department of Interior and Local Government.
The program is aimed to make payments faster, safer and more convenient for both business providers and consumers. It will also help promote financial inclusion by “providing small businesses and transport operators access to secure and efficient digital payment solutions.”
City Mayor Ivan Dayan Agda welcomed the initiative that “it’s a game changer for our entrepreneurs. They can now track their sales and inventories more efficiently, while also eliminating pilferage. This could lead to better management and higher profits… This system will benefit not just vendors and tricycle drivers but also everyday consumers, allowing them to enjoy the ease and security of cashless transactions.”
As of the time of publishing, there are about 200 vendors who have signed up for the programs and this service is provided to Borongan for free through the BSP.