Apple Pay and Google Pay in Talks to Launch in the Philippines, Says BSP Official

Google and Apple are set to revolutionize digital payments in the Philippines as they explore the launch of Google Wallet and Apple Pay in the country.

According to BSP Deputy Governor Mamerto Tangonan, initial discussions have already taken place—a much-anticipated move considering the widespread use of Google and Apple platforms among Filipinos. This could mark a significant step forward for cashless transactions nationwide!

"They were exploring and we had a discussion on their activities," he said, adding that as operators of payment systems, both firms will have to register with regulators.

Although official applications have not yet been submitted, Tangonan stated that if all conditions were satisfied, the registration procedure might be finished in a month.

"Once they register, they can render the service," he stated.

Tangonan stated that both Apple's and Google's payment systems would have to interface with users' bank or stored value accounts in order for the services to function in the Philippines.

"It depends on what the customer links, whether it's a deposit account, credit card or stored value account," he stated.

According to Tangonan, the two international companies' arrival might greatly improve the Philippines' digital payment environment and support the central bank's objective of boosting cashless transactions.

In 2023, the Philippines' Central Bank (BSP) stated that monthly digital payments accounted for 55.3 percent of all transactions, exceeding the 50% goal set forth in the 2018–2023 Digital Payments Transformation road map.

The monthly volume of digital payments was 64.9% from merchant payments, 19.3% from person-to-person transfers, and 6.1% from business-to-business supplier payments. If there is a high demand and candidates fulfill all standards, the BSP is willing to expand the number of digital banking licenses that are available. At least one digital bank in Europe with a proven track record has indicated interest in applying, and the formal application process will start on January 1, 2025. Before the year is out, changes to the current regulations might be released.