“With the QR Ph Person-to-Merchant (P2M) facility, there is no need to maintain separate accounts with different payment service providers,” the central bank said.
facility in an advisory on November 3.
“Customers and store owners with accounts in the following InstaPay participating banks and electronic money issuers can send and receive payments safely and efficiently,” it added. BSP explained that this national standard in QR Code generation was established to foster efficiency and interoperability in online payment systems via Instapay.
The P2M is also similar with the P2P framework wherein the QR Ph is used for payments between customers and merchants.“Using QR technology, small entrepreneurs need not invest in costly equipment such as point of sale terminals to capture electronic data.
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