The BSP is intensifying its efforts on digital and financial literacy as well as consumer protection, aimed at deepening the public’s knowledge of and trust in our banks and digital financial services. Last October 2019, the BSP approved the adoption of the National Quick Response (QR) Code Standard for payments.
The QR technology has emerged as the most convenient and costefficient means of moving funds from one account to another. These twin initiatives on QR code standards and the E-Filing and Payments System or the eFPS, among others, ensure the efficiency of payment systems in support of inclusive economic development.