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BSP governor Benjamin Diokno said monetary authorities consider as a success the rise in e-payments during the ECQ because of the expansion in the volume and value of transactions.

The Bangko Sentral ng Pilipinas (BSP) has approved the suspension of licensing fees for mobile applications and digital channels that provide electronic payment and financial services (EPFS).

Data from the Bangko Sentral ng Pilipinas showed that transactions using PesoNet and InstaPay visibly increased compared before the lockdown due to restrictions in movement of people outside of their houses.

BSP Center for Learning and Inclusion Advocacy managing director Pia Bernadette Roman-Tayag said fintechs are helping people in their everyday lives, there is a need to “look past the hype and constantly discern whether they have the real potential to solve financial inclusion problems and the real pain points that lead to inclusion.”

QR PH is available for person-to-person (P2P) fund transfers upon launch but will soon be expanded for merchant QR payments.

E-payment usage has also significantly gone up, rising from just 1 percent in 2013 to 10 percent in 2018.

The EGov Pay and National QR Code Standard are in line with the BSP and the payments industry's goal to shift to a cash-light Philippine economy.

The BSP and several payments industry players also launched a program called QR PH, which is eyed not only to increase e-payments, but also to secure payment transactions.

BSP governor Benjamin Diokno said the use of QR codes is safer than bringing cash since people are less vulnerable to theft and counterfeit money.

The standard, the BSP said, is necessary for ensuring interoperability of QR-enabled payment and financial services, noting that QR technology has emerged as the most convenient and cost-efficient means of moving funds from one account to another.