MANILA – Bangko Sentral ng Pilipinas (BSP) governor Benjamin Diokno is optimistic that the central bank’s offer to further increase electronic payment transactions in the country despite the internet connectivity problem can be bolstered by a payment system using the rapid response code (QR).
During the virtual launch of the QR PH P2M program on Tuesday, Diokno said that the person-to-merchant (P2M) QR PH uses QR codes for financial transactions.
“To receive payments, merchants only need to print QR codes, which the respective payment service provider will generate for them, display these codes and get payments by simply asking their customers to scan the code without necessarily connect to the Internet. Confirmation of successful payment transactions can also be received by both merchants and customers, ”he said during the briefing posted on the central bank’s Facebook page.
Electronic payments, which received a boost when movement restrictions imposed by the government since the start of the pandemic, are expected to increase further through the use of the QR code for payments.
Diokno said he hopes for a further increase in digital financial transactions, as more and more people now have smartphones and internet access.
Citing data from market research firm Statista, he said that about two-thirds of the population, or about 73.9 million Filipinos, have access to the internet through mobile devices.
“This suggests that in general more and more Filipino consumers and merchants today have the means to use digital payment methods to send and receive payments, including those made through QR-enabled instruments,” did he declare.
The QR PH program was first launched in November 2019 for person-to-person payment QR PH or QR PH P2P, which handled remittances and payments in the information industry.
It initially had six pilot participants, but now has 23 participants.
The QR PH P2M pilot started in April 2021.
Diokno said QR PH transactions have grown more than 45 times since the second quarter of 2020, an average quarterly growth rate of 110% in volume and 229% in value.
To date, nine financial institutions and e-wallet (e-wallet) service providers have partnered with BSP for the QR PH P2P program.
These institutions are AllBank, Asian United Bank (AUB), Cebuana Lhuillier Rural Bank, China Banking Corporation (Chinabank), Land Bank of the Philippines (Landbank), Rizal Commercial Banking Corporation (RCBC), StarPay, Union Bank of the Philippines (Unionbank ) and USSC Money Services Inc.
Account holders of these institutions can now make QR payments using their bank’s mobile app, to merchants who have accounts with AllBank, AUB, BDO Unibank Inc., Cebuana Lhuillier Rural Bank, Metropolitan Bank and Trust Company ( Metrobank), PayMaya, RCBC, StarPay, Unionbank and USSC Money Services Inc.
QR PH P2M uses InstaPay, one of the central bank’s National Retail Payment System (NRPS) two electronic payment systems, for its transactions.
Diokno said he expects the number of QR PH P2M attendees to increase in the coming days, adding that using the QR code is cheaper than using a point of sale (POS) terminal.
“QR Ph gives consumers the freedom to choose their digital payment service through the QR Ph payment interoperability feature, and this is in line with the United Nations principles on the responsible use of digital payment,” he said. he adds. (ANP)