The Bangko Sentral ng Pilipinas (BSP) has confirmed that Apple Pay and Google Pay do not need to register as Operators of Payment Systems (OPS) to operate in the country. This is because these services do not directly handle or process money.
Instead, Google Pay and Apple Pay act as technology providers. They allow users to link their debit cards, credit cards, or e-wallets to make payments without storing funds themselves. Since they don’t manage money or deal directly with merchants, they are not classified as OPS.
Apple Pay can store funds in digital wallets, which would require registration. However, in the Philippines, the setup is different. Local banks and financial institutions are responsible for approving and integrating these services. If any issues arise, the payment service providers (PSPs) will be held accountable, not Apple or Google.
Both companies are currently working on bringing their payment platforms to the Philippines. If successful, users of local e-wallets like GCash and Maya may soon be able to link their accounts to Google Pay and Apple Pay. This could make tap-to-pay transactions more convenient, allowing Filipinos to use their phones or smartwatches for everyday purchases, including retail and transit payments.
Source: GMA News