Indeed, all of the public commitments so far together with the plans already adopted by many countries clearly show the strong determination of the international community to preserve the stability of our financial and economic sectors and improve the functioning of the international financial systems.
The Bangko Sentral required all payment service providers (PSPs) to adopt the national QR code standard developed by the Philippine Payments Management, Inc. (PPMI), as provided in BSP Circular No. 1055, in order to revolutionize the fragmented QR-driven payment solution into an interoperable payment mechanism.