BSP eyes national QR code standard

The Bangko Sentral ng Pilipinas (BSP) is targeting to implement a standard for quick response (QR) code payments this year in line with its vision to increase digital payments in the country.

Team PayMaya or team GCash

BSP eyes national QR code standard

According to Vicente de Villa, officer-in-charge of the BSP’s Financial Technology Sub-Sector, two options are being considered: the EMVCo and the URL standard for QR codes. Both are widely used abroad, he said.

The use of QR codes has been gaining traction amid the booming digital economy, where smartphone users can scan a barcode to purchase goods or transfer funds. 

de Villa noted the central bank is now in talks with the Philippine Payments Management Inc. to craft a standard national QR that’s inter-operable not only here in the country, but also [abroad].

What needs to be standardized is the information na nandun sa likod na babasahin for the payment instruction. Right now, when you transact online, you have to choose the bank, type the account number, name, and anything about the account you want to send. All of those information will be in that QR, de Villa said. 

PayMaya and GCash continue to expand the use of QR payments across the country by partnering with retail leaders like SM and Ayala Malls, and other stores.

Source: BusinessWorld