The Bangko Sentral ng Pilipinas (BSP) is mandating the full adoption of the Philippine QR Code standard by July 1, 2023. In a statement on Friday, the BSP said its policy-setting Monetary Board has…
Bangko Sentral ng Pilipinas Governor Felipe Medalla says it is timely for the BSP to ensure that QR-enabled payments are supported through the interoperable QR Ph standard. He added that this way, payment service providers and their clients would be able to fully realize the benefits brought by the convenience, speed, and ease of using QR Ph. LEAN DVAL JR.
QR Ph is the country’s QR code standard, based on the Europay-Mastercard-VISA standard, a global standard for secure payments.The BSP said the guidelines mandate BSP-supervised financial institutions acting as payment service providers and offering QR code-enabled payment services to use and display QR codes on their internet and mobile channels starting July 1, 2023.
“The QR Ph standard is currently being adopted for two high-impact use cases in the country, namely person-to-person and person-to-merchant payments. These transactions form the bulk of the average total retail payments made by Filipinos in a month. Standardizing QR codes enhances customer and merchant experiences, leading to greater usage of digital payments,” added BSP Deputy Governor Mamerto Tangonan.
The BSP said PSPs are also reminded to provide appropriate product training and guidance on the features of QR Ph to their employees, including store cashiers and managers.
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