Apple Pay and Google Pay, two of the world’s leading digital payment platforms, are eyeing expansion into the Philippine market. However, both companies must first secure registration with the Bangko Sentral ng Pilipinas (BSP) as operators of payment systems (OPS).
BSP Deputy Governor Mamerto Tangonan confirmed that the central bank has held discussions with representatives from both companies. While the details of their specific plans for the Philippine market remain undisclosed, it’s clear that their proposed services would involve operating within the country’s payment system.
“When you touch the payment system, you are an operator of payment systems,” Tangonan explained. “Therefore, they need to register.”
Under the National Payments Systems Act (NPSA), entities that provide clearing, settlement, or operational framework services within a payment system are required to register with the BSP.
As of now, neither Apple Pay nor Google Pay has formally applied for registration. Once approved, the process could take approximately a month before their services become available to Philippine consumers.
Both platforms offer a convenient and secure way to make payments using NFC technology. Users can link their debit or credit cards and e-money accounts to their devices and simply tap to pay at participating merchants.
The BSP’s Digital Payments Transformation Roadmap 2018-2023 aims to accelerate the shift towards digital payments in the Philippines. With the potential entry of Apple Pay and Google Pay, the country could see a further boost in digital transactions.
