The Bangko Sentral ng Pilipinas (BSP) is aiming to revolutionize the Philippine payment landscape by exploring a policy that would make QR code payments free for everyone, potentially leading to wider adoption and greater financial inclusion.
A draft circular that is currently under review suggests that payment service providers (PSPs) should offer services like the national QR code standard and QR Ph for the transportation sector without charging any fees, including interbank charges.
This move, aimed at accelerating financial inclusion and economic growth, could have a significant impact on businesses across the country. Likewise, this could lead to a surge in the adoption of digital payments, potentially benefiting businesses in Boracay by attracting more tourists who prefer cashless transactions.
BSP Governor Eli M. Remolona Jr. urged PSPs to actively participate in implementing strategic payment use cases, which include person-to-merchant (P2M) and business-to-government (B2G) payments. He also emphasized that QR codes are a key tool for driving financial inclusion due to their convenience and accessibility.
BSP Deputy Governor Bernadette Romulo-Puyat, in the launch of the Paleng-QR Ph Plus program in Bacoor City, underscored the benefits of digital payments.
“Digital payments through e-wallet accounts allow you to expand your digital footprint. This will allow access to wider range of financial services, such as lower interest rates on credit,” stressed Deputy Governor Romulo-Puyat.
The BSP is actively seeking feedback from the payments industry until August 16 to gather insights on the proposed policy.
For Boracay businesses, the potential benefits of fee-free QR code payments are significant. Leveraging digital payments, tourists can easily pay for their meals, souvenirs, and activities using their mobile phones without the hassle of carrying cash or dealing with exchange rates. This could lead to increased customer satisfaction, reduced transaction costs, and ultimately, higher revenue for businesses.
However, it’s important to note that the policy is still under review, and its final implementation may differ from the proposed draft.
The BSP is committed to ensuring a smooth transition and will work closely with industry stakeholders to address any potential challenges.
The potential impact of this policy on Boracay businesses remains to be seen, but the signs are promising. By creating a more inclusive and efficient payment ecosystem, the BSP is paving the way for a future where digital payments are the norm, benefiting both consumers and businesses alike.
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