The Bangko Sentral ng Pilipinas (BSP) has confirmed ongoing discussions with Apple and Google regarding the potential introduction of their digital wallet services, Apple Pay and Google Pay, in the Philippines.
However, before launching operations, both companies must comply with regulatory requirements by registering as Operators of Payment Systems (OPS), as reported by the Manila Bulletin.
According to BSP Deputy Governor Mamerto Tangonan, the central bank’s guidelines classify entities involved in payment operations, such as clearing, settlement, or maintaining system infrastructure, as OPS.
This categorisation places Apple Pay and Google Pay under the scope of the National Payments Systems Act (NPSA), which mandates registration with the BSP for such entities.
Tangonan emphasised that this registration is a prerequisite for operating in the country but clarified that the BSP does not require licensing for these firms as they do not handle user funds directly or operate as merchants.
While neither Apple nor Google has formally submitted an application, the registration process typically takes about a month to complete.
This regulatory development coincides with the growing adoption of digital payments in the Philippines.
In 2023, over 52.8% of retail transactions were conducted digitally, surpassing the BSP’s target of 50% set under the Digital Payments Transformation Roadmap.
The introduction of global digital payment platforms like Apple Pay and Google Pay is expected to further accelerate the shift toward cashless transactions, providing Filipino consumers with more secure and convenient payment options.
Featured image credit: Edited from Freepik
