Philippines pushes for national QR code standard

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.

Also read: Philippine banks to boost tech in push for financial inclusion

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.

Also read: E-wallets to snap up 6% of Philippine payments by 2022

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.

Also Read

Deutsche Bank unveils Merchant Solutions in Australia, India, Indonesia, and SoKor

Indian banks told to bring down number of inoperative, frozen accounts

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit