Centralized database eyed for QR merchants

The Philippines' central bank is moving to create a national database for QR code merchants, a policy step that will standardize digital payment security and data sharing. This initiative, led by the Bangko Sentral ng Pilipinas (BSP), aims to combat fraud and improve transaction traceability by centralizing merchant data from various payment service providers (PSPs). The database will hold extensive information, from business registration details to settlement accounts, making it a critical piece of infrastructure for the country's digital economy. While the database promises enhanced security and interoperability for QR Ph, the national QR code standard, the implementation timeline is ambitious. PSPs must establish an interim repository within 90 days and the full system must be operational within 12 months. The key watch point will be how effectively the Payment System Management Body (PSMB) can coordinate with diverse PSPs to meet these deadlines and ensure data accuracy, given the broad range of information required for each merchant.