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BSP: Small businesses to benefit from more efficient Philippines QR payment system


Filipino entrepreneurs who have adopted electronic payment systems are now even more productive, efficient and competitive thanks to the new quick reaction (QR) code system that makes person-to-merchant transactions easier.

In a statement, the Bangko Sentral ng Pilipinas (BSP) further urged consumers, payment service providers and merchants — including micro, small and medium enterprises — to avail themselves of the benefits offered by the QR Ph Person-to-Merchant (P2M) payment facility.

“There are no fees charged to customers making payments to merchants using QR Ph P2M,” BSP Governor Benjamin Diokno said. “This feature makes using digital channels reasonable even for small-value transactions, such as jeepney or tricycle fares, or payment of goods from market vendors or sari-sari store owners.”

The BSP chief said QR Ph P2M is a “safe, convenient and affordable” option that allows customers to pay for goods and services without paying transaction fees. Payments of customers are received by store owners in real-time as QR Ph P2M runs via InstaPay, which is available around the clock, every day of the week.

Through the facility, merchants can receive payments in their physical or online stores through QR codes regardless of where their transaction accounts and those of their customers are maintained. Merchants enrolled in QR Ph P2M also need not display numerous QR codes in their establishments or online sites.

QR Ph P2M is supported by the national QR code standard, which is aligned with global Europay-Mastercard-Visa standards.

Merchants can generate savings as the QR technology decreases cash handling costs and eliminates the need to invest on costly data capture equipment. This is expected to help big and small merchants achieve greater productivity and competitiveness.

“QR Ph P2M provides an easy-to-use and convenient option for customers and a low-cost digital payment solution to businesses,” Diokno said. “It can serve as a digital gateway for micro-merchants, allowing them to sustain their operations under the post-COVID economy by offering a safe and secure payment options.”

The BSP urged merchants interested in offering QR Ph P2M as a payment option to engage with their bank or e-money issuer to know their respective payment service provider’s requirements. Once merchants have been provided with a QR code by their payment service providers, they can start accepting payments from customers through QR Ph P2M.


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