BSP rolls out person-to-merchant digital payment system
The Bangko Sentral ng Pilipinas has launched the person-to-merchant (P2M) payment system using the national QR code in line with its goal to speed up the country’s transition from a cash light environment.
Under the QR P2M, consumers need not memorize details of their bank accounts as these relevant information will be securely stored in the QR code.
Consumers only need their mobile phones and do not have to worry about carrying cash or debit/credit cards.
Individuals with accounts in the following InstaPay pilot participants may begin using QR Ph to pay for goods purchased from participating merchants: AllBank, Asia United Bank, China Banking Corp., Rizal Commercial Banking Corp., Robinsons Bank and UnionBank.
The full implementation of P2M is targeted in the third quarter.
“The safety, ease and affordability of using of QR Ph P2M will make digital payments more accessible to micro, small, and medium enterprises (MSMEs) in the Philippines. Given that the sector comprises around 99 percent of the total number of businesses in the country, the adoption of QR Ph P2M by MSMEs will allow more Filipinos to reap the benefits of digital payments,” said BSP Governor Benjamin Diokno.
“With these expected gains to the economy, the QR P2M is bound to significantly contribute to the BSP’s efforts dedicated towards the development of a more vibrant and inclusive digital payments ecosystem,” he said.