October 21, 2019 – The Bangko Sentral ng Pilipinas approves a new policy that requires the adoption of a National Quick Response (QR) Code Standard for payments. The standard aims to make all QR-enabled payment and financial services interoperable.
As one of the most convenient ways of moving funds from one account to another, QR codes have been gaining adoption in the Philippines. Anyone can see this on the ground, where establishments like SM adopted Paymaya or Mini Stop adopting QR code payments for GCash. The customer only needs to scan the QR code to pay for an item they bought. No need to swipe cards or enter pin numbers. The proliferation of e-wallets also enabled proliferation of cashless payments through QR Codes.
If a QR Code Standard is taken on the national scale, the small and micro enterprises are expected to benefit from it. The enterprise only needs to print out the QR code on a piece of paper that its customers can scan. According to the BSP, the operational requirement is much lower than investing in point-of-sale terminals and electronic data capture equipment required for card-based payment transactions.
The National QR Code Standard will also be aligned with the international standard so that the country’s QR-enabled payment and financial services are interoperable in a wider regional or global scope. The policy will see the country’s Payment System Management Body (Philippine Payments Management Inc – PPMI) coordinated with key stakeholders like the payment service providers (PSPs), both banks and non-banks.
Furthermore, the policy will direct PSPs to provide necessary measures to manage threats and vulnerabilities associated with this technology. The PSPs are also given 30 calendar days to adopt the standard.
This article is published on BitPinas: BSP Wants National QR Code Standard for Payments