BSP approves guidelines for National QR Code Standard in digital payments

BSP approves guidelines for National QR Code Standard in digital payments

The Bangko Sentral ng Pilipinas (BSP) has approved the guidelines facilitating the complete adoption of the National QR Code Standard, known as "QR Ph," for all QR code-enabled payment services. 

NATION – The Monetary Board of the BSP has approved the guidelines that will facilitate the full transition of all quick response (QR) code-enabled payment services to the National QR Code Standard, or "QR Ph." The guidelines require BSP-supervised financial institutions (BSFIs) serving as payment service providers (PSPs) to utilize and display QR Ph on their internet and mobile platforms starting July 1, 2023.

PSPs, including InstaPay automated clearing house participants, must submit their compliance status with the QR Ph standard within 30 days from the memorandum's issuance date. The adoption of the QR Ph standard for person-to-person and person-to-merchant payments aims to standardize QR codes, improve customer and merchant experiences, and drive greater usage of digital payments in the Philippines.

A memorandum was issued to outline the transition process from non-QR Ph codes to the QR Ph standard by July 1, 2023. After this date, non-QR Ph codes or proprietary QR codes will be disabled and no longer available to the public.

PSPs are also reminded to provide comprehensive training and guidance to their employees, including store cashiers and managers, regarding the features of QR Ph. This ensures a smooth transition and effective utilization of the national QR code standard.

The memorandum aligns with BSP Circular No. 1055, issued in October 2019, and focuses on adopting the National Quick Response Code Standard. The circular mandates BSFIs serving as PSPs to incorporate the national QR code standard in their payment services. The goal is to transform fragmented QR-driven payment services into interoperable solutions, eliminating the need for multiple accounts and QR codes for merchants and customers.

The Philippine Payments Management, Inc., accredited by the BSP as the payment system management body, developed QR Ph in accordance with the provisions of Circular No. 1055. This milestone paves the way for standardized QR codes and streamlined digital payments in the Philippines. —iTacloban

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