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Bangko Sentral ng Pilipinas Governor Felipe M. Medalla said they will make sure that all BSP supervised financial institutions acting as payment service providers will have QR-enabled payments by July 1 this year and complying with the rules on the National QR Code Standard.
The BSP issued a memo last Feb. 23, 2023 for the full transition of the QR Ph code. It enlisted the guidelines for BSFIs as PSPs to adopt and utilize only the QR Ph by July 1 this year and to display QR Ph on their internet and mobile. “Standardizing QR codes enhances customer and merchant experience, leading to greater usage of digital payments,” said BSP Deputy Governor Mamerto E. Tangonan.
Based on BSP Circular No. 1055, all BSFIs that serve as PSPs must adopt the QR Ph code standard in their payment services. “This is aimed at transforming the fragmented QR-driven payment services into interoperable payment solutions, eliminating the need for merchants and customers to maintain several accounts and display numerous QR codes,” said the BSP.
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