All (Bangko Sentral ng Pilipinas) BSP-supervised financial institutions (BSFIs) that offer QR code-enabled payment services should start using QR Ph on their web and mobile channels starting July 1, 2023.
This was the directive of the BSP as it continues to enable QR Ph codes in different markets and establishments across the country.
“With the active development of the industry in this space, it is timely for the BSP to ensure that QR-enabled payments are supported through the interoperable QR Ph standard,” said BSP Governor Felipe Medalla. “This way, payment service providers (PSPs) and their clients would be able to fully realize the benefits brought by the convenience, speed, and ease of using QR Ph.”
QR Ph is the Philippines’ QR code standard based on the Europay-Mastercard-VISA (EMV) standard, a global standard for secure payments. It bears the colors of the Philippine flag (red, blue, and yellow) at the center.
Financial institutions that act as PSPs, including those that offer the use of Instapay, are asked to submit the status of their compliance with the QR Ph standard within 30 days from the date of the memorandum.
The guidelines, which was approved by the BSP’s Monetary board, were issued through a memorandum that provides for the transition of non-QR Ph codes for electronic payments services to the QR Ph standard before July 2023. After that, non-QR Ph codes or proprietary QR codes shall be disabled and shall no longer be available to the public.
BSP also reminded PSPs to train their employees, especially store managers and cashiers, to familiarize them with the features of QR Ph.
The Philippine Payments Management, Inc., which is the payment system management body accredited by the BSP, developed QR Ph in accordance with the provisions of Circular No. 1055.