BSP working with stakeholders for a national QR Code

He said the BSP will issue a circular for this purpose to encourage industry players to come up with a unified code. (Photo: Bangko Sentral ng Pilipinas/Facebook)

MANILA — Bangko Sentral ng Pilipinas (BSP) is currently working with stakeholders to develop national QR code standards in line with its program to establish an effective electronic retail payment system.

Quick Response (QR) Code is a machine-readable two-dimensional code used for storing information, which can be accessed through a smart phone.

BSP Governor Nestor A. Espenilla Jr., in his speech during the Philippine Payments and Settlement System (PhilPaSS) conference dubbed “Providing a Safer, More Efficient, and More Inclusive Philippine Payments and Settlements System” at the central bank in Manila Friday, said measures are continuously being introduced to ensure a level playing field and a safe environment.

He said a national QR Code Standard is targeted “to prevent the proliferation of closed loop infrastructures and instead promote interoperability of systems, domestically and even regionally.”

In an interview by journalists, the central bank chief said institution of a national QR Code will align the country with that of Singapore and Thailand hopefully starting this year.

He said the BSP will issue a circular for this purpose to encourage industry players to come up with a unified code.

Implementation of the proposed code will be facilitated by the Philippine Payments Management Inc. (PPMI), the industry government body, to ensure interoperability of the Code, he said, adding that this is aimed to be connected with those of other countries.