BSP Fully Rolls Out Person-To-Merchant QR Code System

The Bangko Sentral ng Pilipinas (BSP) has fully rolled out the QR Ph Person-to-Merchant (P2M) payment facility with the Philippine Payments Management, Inc. (PPMI).

QR Ph P2M simplifies digital payments made by customers to merchants, allows customers to transact with a wider range of businesses.

QR Ph is the national QR code that uses the Quick Response technology and code scanning for payments.

It benefits both customers and merchants through faster, easier, and cheaper payment options with greater convenience and security.

P2M covers a broad consumer base that includes individuals, as well as MSMEs, which comprise over 98 percent of registered businesses in the country.

With the full implementation of QR Ph P2M, more banks and non-bank e-money issuers join entities that have been onboard since the facility’s pilot launch on 30 April 2021.

The full launch means customers who have accounts with AllBank, Asia United Bank (AUB), Cebuana Lhuillier Rural Bank, China Banking Corporation, Land Bank of the Philippines, Rizal Commercial Banking Corporation (RCBC), Starpay, Union Bank of the Philippines (Unionbank), and USSC Money Services Inc. (UMSI) can now pay using QR Ph to more than 20,000 participating merchants in over 30,000 locations.

With the interoperability feature of QR Ph P2M, consumers and merchants do not need to maintain an account with the same bank or e-money issuer.

Benjamin Diokno

Benjamin Diokno

“Digitalising merchant payments through QR Ph P2M is expected to have a far-reaching positive impact as it empowers small economic actors like micro, small and medium enterprises (MSMEs) to realize greater opportunities for growth,”

said BSP Governor Benjamin E. Diokno.

“Because of its low cost and ease of use, QR Ph P2M can enable small unbanked vendors, such as sari-sari store owners and tricycle drivers, to participate in the digital payments ecosystem and allow them to build financial profiles which may eventually facilitate their access to other financial products and services that can help them grow and enhance the resiliency of their businesses,”

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