Person-to-Merchant QR system launched in the Philippines

Thursday 14 October 2021 15:05 CET | News

The Government of Philippines has developed a digital payment system as a result of social-distancing protocols in the aftermath of the COVID 19 pandemic.

Government officials are optimistic that a payment system based on QR code will help the central bank’s efforts to increase electronic payment transactions in the country despite the country’s poor internet connectivity. They stated during the virtual launch of the QR PH P2M programme that the QR PH for person-to-merchant (P2M) transactions uses QR codes.

In addition, QR PH P2M runs its operations using one of the two electronic payment facilities provided by the central bank’s National Retail Payment System. It is also mentioned that the QR PH augments consumers by allowing them to choose their digital payment service through the interoperability feature of QR PH payments, which is in line with the United Nations’ principles on the responsible use of digital payment.

The goverment officials expressed optimism about the future growth of digital financial transactions, citing the fact that more people now own smartphones and have access to the internet.

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Keywords: QR payments, QR code, financial inclusion, central bank, mobile payments
Categories: Payments & Commerce
Countries: Philippines
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