BSP Deputy Governor Mamerto E. Tangonan said on Wednesday, July 27, that they continue to engage the payments industry and relevant players to “ensure the quality and responsiveness of digital payment services in the new normal” for a “stronger and more inclusive Philippine economy.”
“The use of QR Ph P2M is convenient and cost-effective since it does not require expensive point of sale or data capture terminals to facilitate digital payments for individuals and businesses,” said Tangonan.
There are 17 financial institutions participating in QR Ph P2M. As of end-April, the payment stream is available for use at 473,000 merchant locations nationwide, up from the previous 243,000 merchant locations in May.
The QR Ph P2M is a crucial part of the BSP’s 2020-2023 Digital Payments Transformation Roadmap to digitalize at least 50 percent of total retail payments in the country and onboard at least 70 percent of Filipino adults into the financial system by 2023.
The QR Ph P2M was launched in October last year. It enables an interoperable digital payments between customers and merchants even if they maintain accounts with different financial service providers. It may also be used for bills payment in the future, said the BSP.