QR code

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.

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.

Smart will be deploying strategically placed Google Stations, as well as QR-based interactive tourism markers, in Intramuros and Rizal Park.

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.

Merchants in the summer capital will be equipped with the PayMaya QR-based payments in time for the Panagbenga Festival 2019.

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.

Cashless transactions or electronic payment ratio in the Philippines have reportedly improved to as much as 10 percent in the first quarter of this year compared to just 3 percent three years ago.