The Bangko Sentral ng Pilipinas' proposed one-year moratorium on new Operator of Payment Systems registrations signals a regulatory recalibration rather than a ban on existing operations. This draft circular, if finalized, would pause new entrants while the central bank reviews its OPS classification and licensing framework, potentially reshaping how payment and fund transfer providers are categorized in the Philippines. The accompanying proposal for a centralized QR-code merchant database with risk classifications suggests the BSP is moving toward more granular oversight of the retail payment ecosystem, which could affect fintechs, banks, and payment intermediaries operating in the country. Crypto-related payment services that fall under OPS definitions may face delayed entry while the review proceeds. Key developments to monitor include the finalization timeline of the circular, the scope of entities captured by the new OPS classification, and how the merchant database's risk tiers will be enforced across financial institutions.
PANews, September 7 News – According to Mobile Payment Network, a draft circular shows that the Bangko Sentral ng Pilipinas (BSP) plans to suspend the acceptance of new registrations, license issuances, and related authorization applications for Operators of Payment Systems (OPS) for one year. OPS refers to entities operating payment and fund transfer arrangements in the Philippines. The BSP stated that the suspension is implemented to facilitate a comprehensive review of the classification and licensing framework for OPS.
The draft proposes the establishment of a central database for merchants accepting QR code payments, and the strengthening of intermediary controls between financial institutions and merchants. The database will consolidate information on merchants accepting payments through the national QR code standard, including merchant identity, business registration and license information, payment service providers, settlement accounts, owners, and risk classification, and will mark merchants as active, restricted, suspended, or terminated.
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