Philippine central bank introduces a regulatory framework for merchant payment acceptance activities.

The Philippine central bank, Bangko Sentral ng Pilipinas (BSP), has introduced a regulatory framework for merchant payment acceptance activities to protect customers and merchants, and promote a smooth flow of funds in the economy. The framework requires operators of payment systems to comply with risk management measures, obtain a license before engaging in merchant acquisition, and maintain minimum standards for digital payments. The framework sets rules for governance, pricing mechanisms, and reportorial requirements for operators. (400 characters)