The Bangko Sentral ng Pilipinas (BSP) has clarified that mobile payment providers Apple Pay and Google Pay can launch in the Philippines without needing to register as Operators of Payment Systems (OPS).

The decision follows discussions where the BSP determined the firms do not plan to hold funds directly for Filipino users. Holding funds is a key criterion for being classified as an Operator of Payment Systems (OPS).

According to BSP Deputy Governor Mamerto Tangonan, the two companies will function solely as technology service providers for their planned local operations. Users can link their existing debit cards, credit cards, or e-money accounts to the service. Once linked, they can use their near-field communication (NFC) devices to make payments.

“We deemed them not to be an OPS because their activity is not an OPS activity,” Mamerto said, explaining that the money doesn’t pass through them.

Mamerto clarified that regulatory accountability remains with the financial institutions, or payment service providers (PSPs), that issue the cards linked to the services.

“If anything happens, the one accountable to us is the PSP,” he said, adding that it is the responsibility of these institutions to assess the technology providers they partner with.

This statement revises the BSP’s earlier stance, in which it required the companies to register.

The potential entry of these services comes as digital payments in the Philippines continue to grow. In 2024, digital payments accounted for 57.4% of total retail transaction volume.

According to BSP Governor Eli Remolona Jr., the figures highlight the continued shift toward digital channels. They also reflect the growing trust that Filipinos have in using digital financial services.

Featured image by kolesnikovsergii on Freepik.