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.
Under the MOA agreement signed between the BSP and the PSA, the central bank will produce within three years 116 million blank cards that will have security features that are said to be are better than those used in making passports.
Under the Lending Company Regulations Act, investors or entities that offer money for lending as a business need to incorporate and register with the SEC, while the BSP also has jurisdiction over lending firms because of its power to supervise activities like “credit granting,” which is essentially lending.
There’s an estimated 124 fintech lenders in the Philippines comprising of 75 mobile apps, 40 Web-based, and five brick-and-mortar with tech platform. But less than half of these firms are registered with the government.
While satisfied with the growth of digital payments in the country, the BSP said it is targeting for the Philippines to become a “cash-lite” society — and not “cashless” — for now.