Bangko Sentral launches standardized QR, platform for digital payments


Posted at Nov 20 2019 06:45 PM

MANILA – The Bangko Sentral ng Pilipinas on Wednesday launched an online payment facility for government transactions and a nationwide QR code standard to be adopted by all digital platforms and banks to boost digital transactions in the country. 

The EGov Pay will allow consumers to make financial transactions with government agencies electronically, while QR Ph will push for a QR code standard for all digital transactions in the country to be adopted by all financial technology firms as well as banks, the BSP said. 

“We already issued a BSP circular on the adoption of standardized QR codes and that we hope to do this for all players will adopt that by June 2020 and by accomplishing that malaking bagay na yan (that would be a big deal),” BSP Governor Benjamin Diokno told reporters. 

"That also prepares use for interregional-operability and globally also,” he said. 

The BSP had also launched a National Retail Payment System, which includes PESONet and InstaPay, to raise the adoption of electronic retail payments in the country to 20 percent by 2020 from 1 percent in 2013.

-- with a report from Bruce Rodriguez, ABS-CBN News