Wednesday, April 24, 2024

BSP set to issue circular for adoption of national QR code

The Bangko Sentral ng Pilipinas (BSP) is currently working with stakeholders to develop a national QR code in line with its program to establish an effective electronic retail payment system.

A Quick Response (QR) code is a machine-readable two-dimensional code used for storing information, which can be accessed through a smartphone.

BSP governor Nestor A. Espenilla Jr., in his speech during the Philippine Payments and Settlement System (PhilPaSS) conference at the BSP headquarters on Friday, July 27, said measures are continuously being introduced to ensure a level playing field and a safe environment.

He said a national QR code is aimed at preventing “the proliferation of closed loop infrastructures and promote instead the interoperability of systems, domestically and even regionally.”

In an interview with journalists, the BSP chief said adoption of a national QR code will align the country with Singapore and Thailand which have rolled out a similar initiative.

He said the BSP will issue a circular for this purpose to encourage industry players to come up with a unified code.

Implementation of the proposed code will be facilitated by the Philippine Payments Management Inc. (PPMI), the industry-government body, to ensure interoperability of the Code inside and outside the country. — Joann Villanueva (PNA)


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