BSP calls for quicker QR Code adoption

To increase digital transactions further, the Bangko Sentral ng Pilipinas (BSP) wants an even quicker adoption of the National QR Code Standard (QRPh) with social distancing now part of the new normal.

“We need to quicken the adoption of the QRPh to enable interoperable payments for person-to-person (P2P) and person-to-merchant (P2M) transactions,” said BSP Governor Benjamin

E. Diokno in an online forum recently.

Diokno said earlier last week that the P2M QRPh is targeted to be launched in the fourth quarter this year and will cover all merchants including micro, small and medium enterprises (MSMEs).

The BSP is still ironing out the “standard specifications and operational rules” before its launch. This will enable merchants, including micro and small vendors, to accept e-payments by merely displaying a standard QR Code for their customers to scan, he said.

The P2P QRPh currently has seven participating BSP-supervised financial institutions and there are 21 about to be announced this year. QRPh only facilitates payments right now.

“The scale of the recently launched EGov Pay Facility can be expanded to enable ordinary citizens to digitally pay government taxes, fees, and charges,” said Diokno. He also said the national ID and its “expeditious implementation” will ensure all this will have reliable databases, among others.

“Human behavior is expected to change with social distancing as the new norm. People are expected to prefer using electronic payment and financial services to face-toface and over-the-counter transactions,” said Diokno.