The bilyonaryo Sy family, which owns the largest chain of shopping centers in the Philippines, has partnered with the Bangko Sentral ng Pilipinas (BSP) to promote cashless malling and help the government achieve its vision of driving financial inclusion.
Under the partnership, SM Supermalls will promote the use of cashless payments among mall goers and merchants in its 80 malls nationwide.
SM Supermalls president Steven Tan said the ultimate goal is for all of the group’s merchants to accept cashless payments, which are safer and more convenient.
Eight out of 10 stores in SM Supermalls are already accepting digital and QR payments.
“By promoting cashless payments in SM Malls all over the country, this partnership will bring the welfare-enhancing benefits of digital finance innovations to both merchants and shoppers, as well as communities where SM malls are located,” BSP deputy governor Bernadette Romulo-Puyat said.
“This will empower them as partners in sustainable local economic development,” she added.