The Bangko Sentral ng Pilipinas (BSP) has expanded QR Ph, the country’s QR code standard, to enable person-to-merchant (P2M) payments to boost the digitalization of small businesses. The use of QR codes for payments has been gaining traction as an alternative to cash or traditional debit and credit card payments. In November 2019, the payment industry participants led by the Philippine Payments Management, Inc. (PPMI), under the guidance of the Bangko Sentral ng Pilipinas (BSP), launched the “QR Ph”, as the National QR Code standard.
QR Ph introduces a standard that would eliminate the need to display numerous QR codes in establishments and to purchase expensive electronic data capture systems. Because of the facility’s interoperability, consumers only need to have one QR code and businesses can use a single system to scan and process payments. The recently launched QR PH P2M payment facility allows buyers to pay even small value transactions such as jeepney or tricycle fares and payments of goods and services to micro, small and medium enterprises (MSMEs) at no cost to the buyer. On an exporter’s end, the said program is beneficial as it is both tailored for convenience and security in dealing with their regular transactions. Given the information on the recurring digital payment transactions of both their retail individual and business customers, exporters are now provided data that would help them build financial profiles of their target client base through which they can design customer-centric financial services that are tailored to their specific needs and circumstances.
For more information, please visit www.bworldonline.com.DAC