BSP okays QR Code for payments
The Bangko Sentral ng Pilipinas (BSP) has approved the adoption of a National Quick Response (QR) Code Standard and is giving payment service providers (PSPs) until June 30 next year to fully comply with the QR policy.
In a statement, the BSP said that for a “smooth implementation of the (QR Code) standard, the policy sets out a period within which the PPMI (Philippine Payments Management, Inc.) will inform the BSP of the standard approved by the PPMI Board.”
It said the PSPs will adopt the QR Code Standard within 30 days after notification. “Nevertheless, considering that a number of PSPs have been offering QR-enabled payment services, the policy allows these PSPs to fully comply with the Standard up to June 30, 2020,” said the BSP.
The newly approved QR Code Standard is necessary for the interoperability of QR-enabled payment and financial services. The BSP said it enables the Payment System Management Body and the PPMI to determine the National QR Code Standard for both banks and non-banks. “To ensure that the country’s QR-enabled payment and financial services are interoperable not only on domestic but also on a wider regional or global scope, the policy requires that the National QR Code Standard be aligned with the international standard,” said the BSP. “In addition, the policy provides that the PSPs will give utmost priority to the safety of the payers and the payees to build public trust in the QR technology.
This means that the PSPs will have the necessary measures to manage the threats and vulnerabilities associated with this technology.
Moreover, the PSPs are required to establish an appropriate pricing mechanism for QR-enabled payment and financial services to encourage their clients to use these services,” said the BSP.
The adoption of the National QR Code Standard is part of the BSP’s National Retail Payment System (NRPS) regulatory framework.
The BSP said it is “optimistic that all Filipinos including those at the bottom of the social pyramid can enjoy the benefits of a safe, efficient, and inclusive retail payment system.”