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Manila Bulletin devider Business devider Banking & Finance devider Apple Pay, Google Pay exempt from BSP registration as payment systems

Apple Pay, Google Pay exempt from BSP registration as payment systems

Published Aug 4, 2025 01:56 pm
Mobile payment providers Apple Pay and Google Pay will not need to register with the Bangko Sentral ng Pilipinas (BSP) if they plan to enter the Philippine market, as the central bank does not qualify them as operators of payment systems (OPS).
BSP Deputy Governor Mamerto Tangonan stated that the central bank only recognizes the two firms as technology service providers (TSPs). Discussions with them indicate they have no plans to hold funds for Philippine-based users. Therefore, their registration with the BSP as OPS will no longer be necessary.
Speaking to reporters last week, Tangonan argued that Apple Pay and Google Pay operate in a way that is different from the usual activity of OPS. 
Tangonan specifically pointed out the absence of wallet on these digital platforms, which makes the transfer of money impossible. There is also no contract between them and the merchants. 
For Google Pay to qualify as an OPS, Tangonan said, it requires holding of funds, which is the case in other countries. But locally, Google Pay and Apple Pay do not execute their operations in such manner.
Financial transactions with both service providers are done through near-field communication (NFC), where users can tap their smartphones to carry out payments using linked debit or credit cards. 
Late last year, Apple Pay and Google Pay were required by the BSP to register as OPS before operating in the Philippines. But as talks progressed, both firms operated as third-party TSPs.
“They’re technology service providers, so it’s up to the financial institution to assess them, because the entity responsible to the BSP is the financial institution,” Tangonan said. 
“If anything happens, the one accountable to us is the PSP, so that’s why they’re being careful, maybe, although they are already proven worldwide,” he added.
To recall, digital payments dominate the total volume of 2024 retail transactions, accounting for 57.4 percent. It stood at 59 percent in terms of value, which exceeded the 52 percent to 54 percent goal outlined in the Philippine Development Plan (PDP) 2023-2028.

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Bangko Sentral ng Pilipinas (BSP) Apple Pay Google Pay Philippine Payment Systems
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