MANILA, Philippines — The value of transactions using the QR (quick response) technology via the national QR code standard reached almost P1 billion as of end-May, as more Filipinos embrace digital channels amid the pandemic.
BSP Governor Benjamin Diokno said the use of QR Ph for person-to-person (P2P) payments has steadily gained traction, with transactions reaching P974.2 million as of end-May from only P1.04 million when it was launched in November 2019.
“QR Ph provides a convenient, faster and more affordable payment option for consumers during the health crisis. The recent developments in QR Ph transactions reflect the improvement in the public’s preference for digital payments,” Diokno said.
Data showed year-on-year QR Ph P2P transactions as of end-May jumped by a whopping 1,498 percent in terms of volume and 6,267 percent in terms of value.
From the initial six participants in its pilot launch, Diokno said there are now 21 BSP-supervised financial institutions participating in the QR Ph P2P.
The BSP chief said the regulator is closely coordinating with the Philippine Payments Management Inc. (PPMI) for the full launch of the person-to-merchant (P2M) QR Ph later this year.
He said participants of the ongoing trial phase of QR Ph P2M continue to assess and calibrate their systems while merchant partners and their customers are being oriented on the value proposition of QR Ph P2M to encourage its use.
With QR Ph, Filipinos are able to pay and transfer funds by merely scanning the code with a mobile phone instead of having to bring cash, credit or debit cards. It also eliminates the need for merchants to display numerous QR codes in their establishments and to purchase expensive electronic data capture systems.
Upon the full launch of QR P2M, Diokno said benefits would be extended to a wider base of stakeholders, including unbanked small businesses, tricycle drivers, market vendors and sari-sari store owners.