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MANILA, Philippines – Apple Pay and Google Pay could help the country’s shift toward a cash-lite economy, following a policy clarification from the Bangko Sentral ng Pilipinas (BSP) that may hasten the entry of the two global tech giants into the local payments ecosystem.

Lito Villanueva, founding chair of Fintech Alliance Philippines, said the entry of Apple Pay and Google Pay comes at a crucial time, as the government begins rolling out cashless payments across Metro Manila’s railway systems.

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“These global platforms complement local innovations and will help drive the Philippines closer to its goal of a cash-lite, inclusive, and future-ready digital economy,” Villanueva said.

READ: Almost 60% of PH retail payments now digital

“The Alliance stands ready to collaborate with BSP and key stakeholders to ensure a seamless and compliant integration,” he added.

In a recent press chat, BSP Deputy Governor Mamerto Tangonan said the central bank does not consider the two services as operators of payment systems (OPS), which are required to register with the regulator.

He explained that since Apple Pay and Google Pay merely facilitate transactions and do not hold customer funds like digital wallets, they fall outside the scope of OPS regulations.

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“We deemed them not to be an OPS because their activity is not an OPS activity,” Tangonan told reporters in a recent chat.

Apple Pay and Google Pay function by storing users’ debit and credit card details on smartphones, enabling seamless cashless transactions. These apps are typically preinstalled on devices and often work exclusively with their respective operating systems.

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Their entry into the Philippines makes strategic sense. Data from Statista showed the country’s smartphone penetration rate rose to 73.7 percent in 2023, up from 67.1 percent the previous year, and is projected to reach 97 percent by 2029.

Tangonan, who heads the payments and currency management sector of the BSP, earlier said that Apple Pay and Google Pay may have to partner with local banks to allow the storage of customer card details on their platforms.

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This means it’s up to the financial institutions like banks to assess the two service providers, he said in the recent interview with reports.

“So, if anything happens, the one accountable to us is the PSP (payment service provider). So, that’s why they’re being careful maybe, although they (Apple Pay and Google Pay) are proven in the world,” he added.

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