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)
July 21, 2024
3 Articles