The Bangko Sentral ng Pilipinas (BSP) is mandating the full adoption of the Philippine QR Code standard or QR Ph by July 1, 2023. This move aims to fully transition all QR code-enabled payment services to the National QR Code.
To make this happen, BSP’s Monetary Board has approved the guidelines of the National QR Code. These guidelines mandate BSP-supervised financial institutions (BSFIs) acting as payment service providers (PSPs) and offering QR code-enabled payment services to use and display QR Ph on their internet and mobile channels starting July 1, 2023. The PSPs, including those participating in the InstaPay automated clearing house, are required to comply with this mandate.
This means that all QR codes used in electronic payment services must transition to the QR Ph standard by July 1, 2023.
The move is part of BSP’s efforts to increase the use of digital payments in the country. The adoption of a national QR code standard aims to make digital payments more convenient and accessible for Filipinos.
The BSP has been actively promoting the use of digital payments in the country. Its Digital Payments Transformation Roadmap aims to shift at least 50 percent of retail payment transactions to digital and to have at least 70 percent of adult Filipinos with transaction accounts by 2023.
Image: BSP Facebook