Philippine Central Bank Plans to Suspend Registration of New Payment System Operators

The Bangko Sentral ng Pilipinas (BSP) plans to suspend the acceptance of registrations, licensing, and related authorization applications for new payment system operators for one year. This move aims to facilitate a comprehensive review of the classification and licensing framework for entities involved in payment operations and fund transfers. The draft proposes the establishment of a central database for merchants accepting QR code payments, integrating merchant information processed through the national QR code standard, including merchant identity, business registration and licensing information, payment service providers, settlement accounts, owners, and risk classifications, and marking merchant status as active, restricted, suspended, or terminated.

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