Rizal Commercial Banking Corporation (RCBC) adopts the national QR (quick-response) code standard that would simplify and facilitate interoperable payment transactions.
“This is another milestone in further promoting the government’s National Retail Payment System is speeding up interoperability across the bank and non-bank financial institutions allowing Filipinos flexibility and convenience in sending and receiving money for payments,” RCBC President and CEO Eugene S. Acevedo said.
Diokno said the use of QR codes is safer than bringing cash since people are less vulnerable to theft and counterfeit money.
“QR code technology has emerged as one of the most convenient and cost-efficient means of moving funds from one account to another. This is a step closer to having an interoperable ASEAN QR code standard aligned with the realization of the ASEAN Economic Community,” RCBC Chief Innovation and Inclusion Officer and FinTech Alliance.ph Chairman Lito Villanueva said.
Four other universal banks and electronic money issuers are joining RCBC as pilot financial institutions in rolling out the national QR code standard.
