As reported by Inquirer.net 126, digital wallet services Apple Pay and Google Pay may arrive in the country. The companies behind the platforms are in talks with the Bangko Sentral ng Pilipinas (BSP) for registration to operate.
The entry of both services in the Philippines could reshape the payments landscape headed by companies like GCash and Maya. However, this could also bring forth positives like innovation among service providers, improved services, and better integration for international payments.
The idea of having a handful of digital wallets could benefit consumers as well. The advantages include convenience for smartphone-based transactions, increased security features, and seamless integration with credit or debit cards.
It doesn’t even stop in the country either, as this also brings us access to internationally-recognized payment platforms.
Still, the platforms would need to work something out with the BSP before any of this happens. Aside from the government, partnering with local banks and compliance with Philippine financial rules matter as well.
As per the BSP, digital payments account for 52.8% of retail transactions. This advances the goal of the bank’s vision of achieving ~60-70% of the country adopting digital payment options by 2028.
Introducing Apple Pay and Google Pay will cement the importance of growing the digital aspect of the financial sector nationwide. Plus, it could even speed up our move towards being more of a digitally inclusive economy.
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