The collaboration will see Development Finance Corporation support potential investments of up to $50 million in organizations within the Mastercard Community Pass network.
The value of transactions using the QR (quick response) technology via the national QR code standard reached almost P1 billion as of end-May, as more Filipinos embrace digital channels amid the pandemic.
The system's online authentication and e-KYC will enable a more seamless digital onboarding, making it easier for clients to open an account.
The financing is part of a program that supports policy measures to enable the rollout of the country’s social protection program, including the creation of digital IDs and cashless payments as part of cash transfer programs.
Due to the restrictive measures introduced by governments in all of Advans' countries of operation to prevent the spread of COVID-19, many of the branches have had to reduce or suspend services.