In a statement on Friday, the BSP said its policy-setting Monetary Board has approved the guidelines that will facilitate the full transition of all quick response code-enabled payment services to the National QR Code Standard, or “QR Ph.”QR Ph is the country’s QR code standard, based on the Europay-Mastercard-VISA standard, a global standard for secure payments.
"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. This way, PSPs and their clients would be able to fully realize the benefits brought by the convenience, speed, and ease of using QR Ph,” said BSP Governor Felipe Medalla.
Thereafter, “non-QR Ph codes or proprietary QR codes shall be disabled and shall no longer be available to the public,” it said. The BSP said PSPs are also reminded to provide appropriate product training and guidance on the features of QR Ph to their employees, including store cashiers and managers.The central bank said the memorandum implements BSP Circular No. 1055 on the "Adoption of the National Quick Response Code Standard," issued in October 2019.Circular No. 1055 requires BSFIs that serve as PSPs to adopt the national QR code standard in their payment services.
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