Potential entry of Apple Pay, Google Pay to help propel digital payments growth

THE POTENTIAL ENTRY of Apple Pay and Google Pay into the Philippine market could further drive digital payments in the country, according to industry stakeholders.

- Luisa Maria Jacinta C. Jocson

“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,” Rizal Commercial Banking Corp. (RCBC) Executive Vice-President and Chief Innovation and Inclusion Officer and FinTech Alliance.PH Chairman Angelito M. Villanueva said.

Ronald B. Gustilo, national campaigner for Digital Pinoys group, said their entry will also “open the door for more secure and convenient payment options for Filipino consumers.”

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Mamerto E. Tangonan earlier said that they have determined that Apple Pay and Google Pay are technology service providers and not operators of payment systems (OPS) and will not need to register with the regulator.

“We deemed them not to be an OPS because their activity is not an OPS activity,” he said.