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QR Ph (officially the National QR Code Standard) is the standardized quick-response code system adopted in the
QR Ph (officially the National QR Code Standard) is the standardized quick-response code system adopted in the Philippines
The Philippines, officially the Republic of the Philippines, is an Archipelagic state, archipelagic country in Southeast Asia. Located in the western Pacific Ocean, it consists of List of islands of the Philippines, 7,641 islands, with a tot ...
, which is based on the Europay-Mastercard-VISA (EMV) standard. It serves as a swift and secure payment method for customers of both participating banks and non-bank electronic money issuers (EMI) in the country. Through QR Ph, users can conduct various transactions, including payments, fund transfers, and receipts from bank and e-money accounts within the Philippines. The implementation of QR Ph has been officially endorsed by Philippine Payments Management, Inc., following guidelines set forth in Circular 1055 by the Bangko Sentral ng Pilipinas
The Bangko Sentral ng Pilipinas (; commonly abbreviated as BSP in both Filipino and English) is the central bank of the Philippines. It was established on January 3, 1949, and then re-established on July 3, 1993 pursuant to the provision of Re ...
(BSP).
The move towards digital payments aligns with the central bank's objective of promoting financial inclusion, particularly for small businesses and consumers, by providing them with convenient options for day-to-day transactions. BSP's then-governor Benjamin Diokno
Benjamin Estoista Diokno (born March 31, 1948) is a Filipino economist who currently serves as one of the six members of the Monetary Board of the Bangko Sentral ng Pilipinas, which conducts the country's monetary policy and supervises its fin ...
emphasized that this transition supports the goal of making the Philippine society more "cash-light" instead of its current "cash-heavy" state. During the pandemic, the government promoted cashless payments to cut down physical interaction.
The standard currently focuses on two use cases: person-to-person and person-to-merchant payments, which constitute a substantial portion of retail payments made by Filipinos monthly. The standard is expected to enhance customer and merchant experiences, promoting heavier utilization of digital payments.
History
Republic Act (R.A.) No. 11127 or the National Payment Systems Act, mandated that all payment service providers (PSPs) comply with the National QR Code Standard, also known as "QR Ph". The standard is used for QR-enabled payment services, in accordance with BSP Circular No. 1055. The BSP released guidelines facilitating the migration of non-QR Ph codes for electronic payment services to the QR Ph standard by July 1, 2023.{{Cite news , last=Cordero , first=Ted , date=March 10, 2023 , title=BSP mandates full adoption of Philippine QR Code standard by July 1 , work=GMA News
GMA Integrated News (simply known as GMA News; formerly known as RBS News Department, GMA Radio-Television News and GMA Rainbow Satellite News; and later GMA News and Public Affairs) is the news division of the Philippine media company GMA Networ ...
, url=https://www.gmanetwork.com/news/money/economy/863474/bsp-mandates-full-adoption-of-philippine-qr-code-standard-by-july-1/story/ , access-date=July 19, 2023
See also
*QRIS
Quick Response Code Indonesia Standard (abbreviated as QRIS, the abbreviation being a play on keris, a traditional sword; ) is a real-time payment system developed by Bank Indonesia (BI) and the Indonesian Payment System Association (ASPI) aimed ...
— similar system used in Indonesia
References