What is QR PH
The use of QR codes for payments has been gaining traction as an alternative to traditional debit and credit card payments. Hence, the payment industry participants led by the Philippine Payments Management, Inc. (PPMI), under the guidance of the Bangko Sentral ng Pilipinas (BSP), has launched in November 2019 the “QR Ph” as the National QR Code standard.
Under BSP Circular No. 1055, the BSP requires all participating payment service providers, including banks and non-bank electronic money issuers (EMIs), to adopt QR Ph. The primary rationale for the adoption of a national standard is to foster payment system efficiency by transforming the fragmented QR-driven payment services in the country into interoperable payment solutions. This approach is expected to substantially minimize the need for merchants and customers to maintain common accounts with payment service providers and for billers to display numerous QR codes.
As of October 2021, these are the following banks that are supported to make transactions with us.
- AllBank (A Thrift Bank), Inc.
- Asia United Bank (AUB)
- China Banking Corporation (CBC)
- Rizal Commercial Banking Corporation (RCBC)
- Robinsons Bank
- Union Bank of the Philippines (UBP)