The Bangko Sentral ng Pilipinas (BSP) sees the use of coins in the Philippines ending by 2025 due to the central bank’s push for digital payment initiatives and systems.
“Talking of cashless society may be not within my lifetime, but I can assure you maybe a coinless society by 2025 for sure because that will be replaced by the QR Ph, which we are pushing to get our national ID (identification)” Diokno said during a recent virtual interview.
The BSP approved in November 2019 the National QR (Quick Response) Code Standard, or “QR Ph,” which will accelerate digital payments via the efficiency of scanning standard QR codes. This system is more efficient compared to encoding a payee’s account details.
The QR code will contain critical information like account name and account number required in a payment instruction, which will minimize encoding errors.
“As you know the central bank is responsible for printing the national ID, which will have a QR code at the back and that will accelerate the use of … maybe for small transactions you can use that,” Diokno also stressed.
“So I’m very optimistic that the future will be digitalized. There will be less contact in the way we live. In the way we play. In the way we operate. So digitalization will be one of the major beneficiaries of this pandemic,” he added. SOVEREIGNPH