, Philippines

Philippines pushes for national QR code standard

The National Quick Response (QR) Code Standard aims to boost financial inclusion.

The Philippine Monetary Board has approved a policy requiring the adoption of a National Quick Response standard for payments as part of an effort to expand the net of financial inclusion , according to a release from the central bank.

Also read: Philippine banks to boost tech in push for financial inclusion

It is a joint venture between the monetary board and the Philippine Payments Management, Inc. (PPMI) under the National Retail Payment System (NRPS) framework.

PPMI will determine the National QR Code Standard together with payment service providers (PSPs), banks and non-banks. The QR codes will be aligned with international standards to ensure its regional or global operativity.

Also read: E-wallets to snap up 6% of Philippine payments by 2022  

PSPs shall adapt the standard within 30 calendar days after the date of notification but they are allowed to fully comply until June 30, 2020.

Interoperable QR codes offer an alternative to traditional debit and credit cards. Merchants need only print out the code on a piece of paper and display codes for clients to scan, lowering operational costs compared to investing in electronic data capture equipment like point-of-sale terminals.

Photo taken from Pexels.com.

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Get Asian Banking & Finance in your inbox
The bank is expected to see moderate credit growth and satisfactory profits.
The bank has launched the “Better Banking” brand campaign to complement this.
Companies will be able to do a health check of their operations.
Almost four-fifths (76%) of Singaporean consumers are not satisfied with generic credit offers from their banks, with 24% willing to offer more information in exchange for better rates or lower fees, a FICO study revealed.
Even raises of up to 30% has failed to stop junior investment bankers from leaving.
Targeting Gen Z customers, the card offers 8% cashback on online purchases.
Lloyd will be responsible for leading the bank’s newest TTS digital payment solution.
AFIN will launch a new digital currency sandbox in APIX.
It is the first financial institution on the platform as an issuer and bond house.
They failed to properly monitor individuals onboarded as advisors, directors.
Chua spent 18 years with UBS Wealth Management prior to his new role.
Average frequency of use is 136.2 times in 2020, higher than in France, US, and UK.
The bank has assisted over 160,000 customers affected by the pandemic.
The group said that its entry in Singapore is a springboard to expanding globally.