The Bangko Sentral ng Pilipinas launched last October 12 the QR Ph payment facility that enables consumers to pay for goods and services by simply scanning the QR Ph code. Introduced last April with a few pilot banks and an e-wallet, payment via QR Ph is now offered by 9 banks and e-wallets, namely AllBank, Asia United Bank (AUB), Cebuana Lhullier Bank, China Bank, Land Bank, RCBC, Starpay, UMSI, and Union Bank to their customers.
The QR Ph code has been rolled out to a wide range of business establishments in over 32,000 locations in Metro Manila and key cities nationwide and online by payment service providers All Bank, AUB, BDO, Cebuana Lhuillier, Metrobank, Paymaya, RCBC, Starpay, UMSI, and Union Bank.
QR Ph is the national QR code standard of the Philippines. QR Ph interconnects various participating QR payment codes similar to how ATMs are interconnected which allows cardholders to transact at any bank’s ATM. It follows the Europay-Mastercard-Visa (EMV) standard, a global standard for secure payments.
With QR Ph, a customer need not look for the QR code of his bank or e-wallet at stores. He has to look only for the QR Ph code and scan it to pay. It makes paying fast, easy and convenient. Scanning a QR code eliminates possible errors in typing the payee’s long bank account number and the risk of loss when carrying large amounts of cash.
Paying via QR Ph is free of charge for the customer. Generally, there is no limit in transaction amount; however, some banks or e-wallets may set a limit for certain types of business establishments.
QR Ph payment is facilitated by InstaPay, a secure real-time fund transfer service that runs on a world-class, cutting- edge technology operated by BancNet.
To enjoy InstaPay QR Ph, simply open your bank or e-wallet app, tap Pay via QR, scan the QR Ph code, and pay.
Published October 22, 2021