The Bangko Sentral ng Pilipinas will launch on Wednesday the National Quick Response (QR) Code Standard, which is necessary to ensure the interoperability of QR-enabled payment and financial services.
Bangko Sentral Governor Benjamin Diokno said during the Financial Inclusion Forum for the Labor Sector on Monday that the launch “envisions to have more people accepting digital payments thru the QR Code.”
He said the process would help reduce the risks of theft which could happen when financial transactions involved cash or checks.
Diokno further said the use of QR Code would be beneficial to all sectors, including the country’s labor force who are instrumental in stimulating the further growth of the economy.
“There are 25.5 million-strong workforce in the country, a massive client base that is hard to ignore (in the financial inclusion agenda),” Diokno said.
The latest survey shows that of the 69 million aged 16- to 64-year old Filipinos, 91 percent search online for a brand and 62 percent make online purchases.