The entry of Samsung Pay and Apple Pay into the Philippine market is a possibility that hinges on regulatory and market considerations. Both companies have expressed interest in offering their services in the country, as confirmed by the Bangko Sentral ng Pilipinas (BSP). The central bank has outlined that for either platform to operate, they must first register as operators of payment systems (OPS), in compliance with the National Payment Systems Act. This requirement does not involve licensing but ensures that they meet the operational standards set by the BSP.
As of now, neither Samsung Pay nor Apple Pay has formally applied for registration. However, discussions with the BSP indicate that these companies are actively exploring the market. The platforms could benefit from the Philippines’ increasing adoption of digital payment systems. In 2023, digital payments accounted for over 52% of retail transactions in the country, surpassing earlier goals set by the BSP’s Digital Payments Transformation Roadmap. This growing ecosystem makes the Philippines an attractive market for international payment platforms.
Once the companies fulfill the registration requirements, they will be well-positioned to tap into the Filipino consumer base, which is eager for innovative and secure payment options. For now, Filipino customers will have to wait for formal announcements and registration updates from Samsung Pay and Apple Pay.
If these platforms become operational, they could significantly enhance the digital payment landscape in the Philippines, offering greater convenience and fostering a more inclusive financial environment. Keep an eye on developments as they unfold in 2024 and beyond!.
