Unlock QR-PH: Revolutionize Your Payment Practices
1. What is a QR Code?
A QR code, also known as a Quick Response code, is a complex two-dimensional bar code that stores a significant amount of data. Composed of black dots and white spaces within a square grid, these codes can be read effortlessly by a QR scanner on your smartphone or another mobile device with barcode reading capabilities. Embedded with personal and financial data, QR codes facilitate seamless monetary transactions.
When receiving funds, the recipient simply displays their QR code to the payer or sender, who then scans it to kickstart the transaction.
2. What is QR Ph?
QR Ph represents the Philippines' QR code standard, crafted upon the globally recognized Europay-Mastercard-VISA (EMV) secure payment framework. It offers users from associated banks and non-bank electronic money issuers a swift and efficient method for settling payments and transferring funds across different accounts within the nation. The approval of QR Ph by Philippine Payments Management, Inc. aligns with Circular 1055 of Bangko Sentral ng Pilipinas.
3. Why do we need QR Ph?
Crafted with uniformity in mind, QR Ph enables any participating bank or EMI mobile app to scan and process a shared QR code, making fund transfers easier and more cohesive, akin to the interconnectivity of various bank ATMs.
4. What are the benefits of QR Ph?
With QR Ph, enjoy a safer, simpler way of managing payments. If you’re the one sending funds, you avoid the hassle of typing out recipient account details, ensuring accuracy and efficiency.
Conversely, as a recipient, sharing your account details is unnecessary — you're assured payments are directed right to your account.
5. What are the uses of QR Ph?
Currently, QR Ph facilitates person-to-person transfers through InstaPay. Soon, it will support payments to merchants and service providers and even bill settlements.
6. Who can use QR Ph?
Customers from banks and EMIs that participate can access QR Ph through their respective mobile applications.
7. Does QR Ph have its own mobile app?
It's worth noting that QR Ph isn't a standalone app; it's seamlessly integrated into your bank or EMI's existing mobile platform.
8. What do we need to be able to use QR Ph?
To get started with QR Ph, you'll need a smartphone equipped with a camera and reliable internet access, plus your bank’s or EMI’s mobile app downloaded.
9. Which institutions currently support QR Ph?
Initially enrolled institutions include:
AUB
China Bank
Land Bank
PayMaya (receiving only at the outset)
RCBC
Union Bank
More banks and EMIs are expected to join soon.
10. Can you still transfer funds if your bank or EMI hasn't adopted QR Ph?
If your bank or EMI isn't a QR Ph participant, you can still use the InstaPay method for immediate transfers, assuming they’re an InstaPay network member.
11. How can I use QR Ph?
If you are sending money:
| 1. Launch your banking or EMI mobile app and select Transfer Money or Pay via QR. |
| 2. Scan the QR Ph code from your recipient, entering the amount to send if prompted. |
| 3. Review the details, confirm the transaction, and you'll receive a confirmation. An additional fee comparable to your InstaPay transfer cost may be charged, depending on your bank or EMI. |
If you are receiving money:
| 1. Open your bank or EMI app, and it might ask you for the amount or more details to proceed. |
| 2. Generate a QR Ph code. |
| 3. Show or send your QR Ph code to the payer to complete your transaction. For in-person dealings, simply display your QR Ph code for scanning. For remote scenarios, capture the screen with your QR code and share the image via email or messaging apps like Viber or Messenger. |
12. Is it possible to reuse my QR Ph code for different transactions?
Yes, provided your app doesn't require new information when generating it.
13. What steps should I take if I transfer an incorrect amount?
Remember, all transactions are permanent. Double-check details before proceeding. If you send too little, notify the recipient, and you'll need to send the remaining sum. Overpayments can be resolved by having the recipient return the excess via another QR Ph transaction.
14. Can you receive funds through QR Ph without your bank or EMI’s mobile app?
No, accessing QR Ph services mandates having the associated mobile app.
15. What fees are involved, and who covers them?
app?
The sender is responsible for fees, with costs matching those of InstaPay transfers, which differ by bank and EMI.
16. How quickly will I receive money through QR Ph?
Funds arrive instantly and without deductions, ensuring transparency.
To enhance the reliability and inclusiveness of QR payments nationwide, the Bangko Sentral published Circular 1055 on October 17, 2019, endorsing the National QR Code Standard. This move underlines their commitment to creating a secure, efficient ecosystem that supports sustainable economic development.
18. Why regulate and advocate for QR-based payments?
Given the rise of QR tech as a cost-effective, user-friendly way to transfer money, Bangko Sentral fosters a supportive regulatory environment. They aim to balance innovation with risk management, nurturing collaboration among industry players and paving the way for novel business models.
17. What is BSP Circular 1055?
19. Who's tasked with defining the National QR Code Standard?
The Philippine Payments Management, Inc., as the Payment System Management Body, leads the charge in setting this standard in tandem with key industry stakeholders, including payment service providers and Automated Clearing House members.
financial services in the country?
20. What standard has PPMI sanctioned?
BSP Circular Letter No. 2019-080 dated November 4, 2019, indicates PPMI has chosen the EMV © QR Code as the national standard for payment services in the Philippines.
All PSPs utilizing QR codes must align with this standard according to Circular No. 1055
21. Key considerations in adopting a National QR Code Standard
a) To achieve broad interoperability, it must align with internationally recognized standards.
(PPMI)?
b) Building trust, PSPs must prioritize safety for both payers and payees engaging with QR-enabled services.
c) Properly address and manage the associated threats and risks.
e) The PSMB shall maintain comprehensive documentation, including the National QR Code specifications and technical guidelines. Code Standard?
| 22. What's the timeline for compliance with the National QR Code Standard? To ensure a smooth implementation, PSPs should adopt the standard within 30 days post-notification of its approval. Those already offering QR services have until June 30, 2020. |
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| What exactly is QR-PH? Allow us to unveil this payment innovation in the Philippines, poised for widespread adoption. the determination of applicable fees. |
| What is QR-PH? Transforming the way you manage your payments. |
| A QR code, also known as a Quick Response code, is essentially a two-dimensional barcode. It can store a significant amount of data using a pattern of black squares on a white grid. With the right app, a smartphone can scan these codes to perform actions like sending or receiving funds. For a payment, the recipient's QR code is shown to the payer, who simply scans it to initiate the transaction. guidelines. |
QR Ph is the Philippines' standardized approach to QR codes for payments, built on the robust EMV guidelines known globally for secure transactions. This framework allows seamless transfers and payments through various bank and digital platforms in the country, sanctioned by the Philippine Payments Management, Inc. and aligned with guidelines from the Bangko Sentral ng Pilipinas.
Standard?
The aim of QR Ph is to unify the way QR codes are used across different financial platforms, allowing any banking or EMI app to use a singular QR system for effortless transactions, akin to how ATMs interact across banks.
