Apple Pay and Google Pay may soon launch in the Philippines as both companies are in talks with the Bangko Sentral ng Pilipinas (BSP) for registration to operate, according to Inquirer.net 101.
Apple Pay and Google Pay could shake up the local payment scene in the Philippines, currently dominated by platforms like GCash and Maya. But it could also spark positive changes, driving innovation among service providers, improving overall services, and making international payments smoother for users.
Having multiple digital wallets could be a win for consumers, offering more convenience for smartphone-based transactions, enhanced security features, and seamless integration with credit or debit cards. Plus, it opens up access to internationally recognized payment platforms, making it easier to shop globally.
Of course, this all depends on Apple Pay and Google Pay working things out with the Bangko Sentral ng Pilipinas (BSP). They’ll also need to partner with local banks and make sure they comply with Philippine financial regulations before launching.
According to the BSP, digital payments now make up 52.8% of retail transactions, bringing us closer to the bank’s goal of having 60-70% of the country using digital payment options by 2028. The introduction of Apple Pay and Google Pay would further highlight the importance of expanding digital finance in the country, potentially accelerating our shift toward a more digitally inclusive economy.
