BPI Expects to Support Apple Pay and Google Pay by 2026
BPI President and CEO Jose Teodoro Limcaoco suggested the providers will likely wait until multiple banks are ready to participate before launching, as going live with just one bank would not be a "sensible strategy."
BPI President and CEO Jose Teodoro Limcaoco, who also heads the Bankers Association of the Philippines, confirmed that local banks have been in talks with both companies.
Jose Teodoro K. Limcaoco
“We talk to everyone. It would be crazy for a bank not to participate,” Jose said. He noted that while BPI is not ready yet, “We can be ready by next year”.
According to Limcaoco, the Bangko Sentral ng Pilipinas (BSP) recently cleared a major regulatory hurdle for the two operators.
Previously, the central bank determined that Apple Pay and Google Pay do not need to register as payment service providers, classifying them as technology service providers that do not directly handle or store funds.
Both services allow users to link their debit or credit cards and make contactless payments using near-field communication (NFC) technology in their smartphones or smartwatches.
The main requirement for banks is to ensure their systems can support tokenisation, a security feature that encrypts card details for mobile use.
“What (Apple Pay and Google Pay) have to do is make sure that the banks who want to participate have their card products capable of being tokenised,” Jose added.
Jose also suggested that the providers will likely wait for broad market support from multiple banks before their official launch, noting that a single-bank rollout would not be a sensible strategy.
