BSP to establish national QR code
The Bangko Sentral ng Pilipinas (BSP) is looking to establish a national Quick Response (QR) code in line with its aim to develop the country’s payments and settlements system.
“Our current efforts include the development of a national QR code standard to prevent the proliferation of closed loop infrastructures and instead promote interoperability of systems, domestically and even regionally,” central bank Governor Nestor Espenilla Jr. said on Friday during a conference hosted by the BSP’s Payments Settlements Office.
A QR code is a type of barcode that stores information that can be read by a digital device. Initially developed for the Japanese auto industry, the codes are now widely used for online marketing and advertising campaigns.
Speaking at the sidelines of the conference, Espenilla said that regulators were aiming to issue the relevant rules later this year.
“The approach is we will issue a circular that will require the industry basically to come together and come up with a unified code and there are certain principles,” he explained.
Actual execution of the standards will be facilitated by Philippine Payments Management, Inc., which was established by banks last year in support of the National Retail Payments System (NRPS) initiative.
“The idea is that QR codes within the Philippines are interoperable,” Espenilla said, adding that it will allow for connections with other countries.
In his speech, Espenilla said that the BSP was giving the payment and settlement system the attention it deserved.
“We recognize that having an efficient payment system is not just about operating infrastructure, but also providing an enabling regulatory environment that promotes interoperability, efficiency, and consumer protection,” he said.
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