With Quick Response (QR) payments being increasingly popular, especially within the ASEAN region, the Philippines follows in the footsteps of countries like Malaysia, Singapore and Indonesia in adopting a standardized QR payment as the Philippines is now fully operational with the QR Ph Person-to-Merchant (P2M) payment facility.
According to the Philippine Central Bank, 77 percent of 473,000 Filipinos participated in the QR Ph Person-to-Merchant (P2M) payment facility in end-April, up from 243,000 in end-March.
The QR payment was initially rolled out in 2019 at the beginning of the coronavirus pandemic, as it allows transactions to be touchless, primarily catering to payments and remittances in the informal sector.
During the global pandemic, Filipinos who had accounts could conveniently and safely conduct financial transactions using mobile devices in their homes.
QR Ph P2M implementation is aligned with the Central Bank’s Digital Payments Transformation Roadmap 2020-2023, aiming to digitalize retail payments in the country to at least 50 percent and onboard at least 70 percent of Filipino adults into the financial system by 2023.
With the great support of the payments industry led by the Philippine Payments Management Inc., the central bank continues to promote an inclusive and vibrant digital payments ecosystem in a country where every Filipino can participate and enjoy its benefits.
Asia-Pacific dominated the QR code payment market share in 2020 and is expected to grow at the highest CAGR during the forecast period. This is attributed to the massive adoption of new payment technologies, such as QR codes, cryptocurrencies, and biometrics, among retailers, merchants, and restaurants, and increased smartphone penetration and internet usage in the region. For instance, a study conducted by Mastercard, a leading global payments and technology company, projected that 84% of consumers have access to a wider range of digital payment options, including QR code payment, which is expected to grow tremendously in the upcoming years.
MSN. (n.d.). QR payments in stores jump to 473k in April. [online] Available at: https://www.msn.com/en-ph/news/national/qr-payments-in-stores-jump-to-473k-in-april/ar-AA102bTV?ocid=00000000&cvid=20c465946b524939c6e8b53b9b15d1e2 [Accessed 19 Aug. 2022].
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