To cater for the complete move to the National QR Code Standard or “QR Ph” by all quick response (QR) code-enabled payments services, the Bangko Sentral ng Pilipinas (BSP) has confirmed the guidelines for the process.
Per the guidelines, every BSP-supervised financial institution (BSFI) that function as the payment service provider (PSP) and offers QR code-enabled payment services must employ and present QR PH on their Internet and mobile channels beginning July 1, 2023.
As such, the PSPs, which include those that work in the InstaPay clearing house, must show the status of their compliance within 30 days from the onset of the memorandum.
Following July 1, all non-QR PH codes or proprietary QR codes shall become inaccessible and unusable to the general public.
In addition, the mandate also demands that PSPs conduct proper product training and oversight on the features of the QR PH to their workers, including managers and store cashiers.
As issued in October 2019, the memorandum rolls out the BSP Circular No. 1055 on the “Adoption of the National Quick Response Code Standard”.
Per Circular No. 1055, BSFIs that serve as PSPs must adopt the national QR code standard in their payment schemes whose purpose is the total transformation of splintered QR-driven payment services into concordant payment options.
This article, BSP requires full adoption of QR PH Codes by July 2023, was originally published at NoypiGeeks | Philippines Technology News, Reviews and How to’s.