The National Quick Response (QR) Code Standard aims to boost financial inclusion.
The Philippine Monetary Board has approved a policy requiring the adoption of a National Quick Response standard for payments as part of an effort to expand the net of financial inclusion , according to a release from the central bank.
It is a joint venture between the monetary board and the Philippine Payments Management, Inc. (PPMI) under the National Retail Payment System (NRPS) framework.
PPMI will determine the National QR Code Standard together with payment service providers (PSPs), banks and non-banks. The QR codes will be aligned with international standards to ensure its regional or global operativity.
PSPs shall adapt the standard within 30 calendar days after the date of notification but they are allowed to fully comply until June 30, 2020.
Interoperable QR codes offer an alternative to traditional debit and credit cards. Merchants need only print out the code on a piece of paper and display codes for clients to scan, lowering operational costs compared to investing in electronic data capture equipment like point-of-sale terminals.
Photo taken from Pexels.com.
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