BSP works with stakeholders for a national QR code

MANILA – Bangko Sentral ng Pilipinas (BSP) is working with stakeholders to develop national QR codes in line with its program to establish a retail electronic payment system effective. Quick Response Code (QR) is a machine-readable two-dimensional code used to store information, accessible via a smartphone.

Nestor A. Espenilla Jr., Governor of the BSP, during his speech at the Philippine Payments and Settlement Meeting The System Conference (PhilPaSS) dubbed "Providing a safer, more efficient and more secure payment and settlement system" inclusive in the Philippines "at the central bank of Manila said Friday that measures were constantly being put in place to ensure a level playing field. ] He stated that a national QR code standard is intended "to prevent the proliferation of closed-loop infrastructure and to promote rather the interoperability of systems, at the national and even regional level." In an interview with reporters, the head of the central bank said that the institution of a national QR code would align the country with that of Singapore and Thailand, which is expected to start this year.

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& nbsp; Implementation of the proposed code will be facilitated by Philippine Payments Management Inc. (PPMI), the government agency of the industry, to ensure the interoperability of the code, he said., adding that this is destined to be related to those of other countries.