Author: Erica Ann C. Villasorda, Ian Nicolas P. Cigaral Newsinfo.INQUIRER.net Release Date: August 06, 2024, 05:40 AM
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) wants to expand the use of quick response (QR) codes to include cashless payments for public transportation fares, doubling down on efforts to promote digital payments in the country.
The BSP is currently soliciting feedback from stakeholders on a draft circular that proposes guidelines for identifying other possible uses of QR-enabled payment and financial services in “strategic” sectors like transportation. It will accept comments on the circular until Aug. 16.
If approved, the circular will guide payment service providers (PSPs) like banks and e-wallets in servicing QR-enabled payments of transport fares without fees, including interbank charges. Though participation is not mandatory, the central bank said that PSPs are “encouraged to align and participate.”
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