RCBC Adopts Philippines’ National QR Code Standard For Interoperable Payment Systemby Fintechnews Philippines November 20, 2019
Rizal Commercial Banking Corporation (RCBC) announced that it has adopted the national QR (quick-response) code standard that would simplify and facilitate interoperable payment transactions.
“This is another milestone in further promoting the government’s National Retail Payment System in accelerating interoperability across bank and non-bank financial institutions allowing Filipinos flexibility and convenience in sending and receiving money for payments,”
RCBC President and CEO Eugene S. Acevedo said.
“Our vision is to have more market vendors, jeepney, and tricycle drivers accepting digital payments through QR code linked to transaction accounts,”
Bangko Sentral ng Pilipinas Governor Benjamin Diokno said.
Diokno said the use of QR codes is safer than bringing cash since people are less vulnerable to theft and counterfeit money.
“QR code technology has emerged as one of the most convenient and cost-efficient means of moving funds from one account to another. This is a step closer to having an interoperable ASEAN QR code standard aligned with the realization of the ASEAN Economic Community,”
RCBC Chief Innovation and Inclusion Officer and FinTech Alliance.ph Chairman Lito Villanueva said.
Citing the results of the September 2019 Global Web Index Report, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said more than 69 percent of Filipinos aged 16 to 64 years old are internet users, and 62 percent of them made online purchases through mobile phones.
Four other universal banks and electronic money issuer are joining RCBC as pilot financial institutions in rolling out the national QR code standard.
Featured image credit: RCBC Facebook page