Go cashless payments: BSP
urges LGUS to adopt QR Ph
TAGBILARAN CITY, Bohol, (PIA)—Given a few coins short as change in cash buys is illegal, but then, in certain times, you just have to let the store get by it.
In situations like this, Bangko Sentral ng Pilipinas (BSP) Visayas has a neat solution: cashless payments.
Coming in to Bohol as a team, the BSP, led by Visayas Regional director Anna Clara Oville, the BSP interacted with media and information officers to bring their programs to the towns and communities.
On the push for digitalization, the BSP which has financial inclusion in its mandates, intends to give communities effective access to a wide range of financial products and services, like savings accounts, payment, credit, remittances, which could help them improve their lives and goals.
And for LGUS, the BSP thinks promoting digitalization, allows everyone in the community to be included in the benefits of financial inclusion.
And with the adoption of QR Ph in town wet markets and local transport, it promotes exact payments, thereby needing no change.
Implemented as part of the National Strategy for Financial Inclusion 2022-2028, BSP’s primary initiative to promote digital payments in markets and transport, through the Paleng QR Ph started in 2019, Masangkay said.
QR Ph is the national QR code standard that allows fast, low-cost method to pay, transfer and get funds from other banks and electronic money (e-money) accounts in the country, she explained.
As to its security, the QR Ph is aligned with Europay-Mastercard Visa Company (EMVCo), the global standard for secure payments which many domestic cashless payment schemes that makes the use of the Q form factor, also use.
QR code or the Quick Response code is a two-dimensional image-based bar code capable of holding large amounts of information, which can be read by a smart phone that is equipped with a bar code scanner. With personal and financial information is stored in the bar code, a QR can be used to send and receive money as transaction payments.
A fund holder just shows the QR Code to the person or merchant, who will scan the code to initiate the transactions.
Over the years, BSP has regulated systems so that the un-banked can have accounts, use digital payments in basic deposit accounts, use e-money, regulate cash agents like pawnshops and convenience stores to also act as cash-in, cash-out points for clients, Masangkay continued.
For this, BSP has also regulated Insta-pay for real-time electronic fund transfers between accounts in different banks, that suit the launch of QR Ph using quick response technology as a fast and easy digital payments.
Launched in 2019, the QR Ph works as a person to person or person to merchants exact payment system.
Now, the BSP thinks the ball is now in the hands of LGUS.
With this, while only Tagbilaran City has adopted the Paleng QR Ph, the Department of Interior and Local Government with the BSP issued a Joint Memorandum Circular No. 1, series of 2022setting up the guidelines to LGUS and enjoining them to participate in the Paleng QR Ph program.
The JMC asks LGUS to promulgate ordinances on use of QR Ph-enabled digital payments in public markets and public transport.
It also calls on vendors and transport operators to display the QR Codes in the store and vehicle for the convenience of customers who wish to pay digitally.
Markets and vehicles covered by the program shall carry a standard Paleng QR Ph banner and other collaterals, while LGUS with participating financial service providers provide necessary assistance to small merchants, tricycle operators drivers and clients in opening a QR Ph ready transaction account by issuing relevant documents to support the KYC requirement of financial service providers. (RAHC/PIA_7/Bohol)
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