Philippines’ BSP Proposes 12-Month Payment Operator Freeze as QR Rules Tighten
The BSP is proposing a 12-month pause on new payment system operators as it tightens QR merchant identification and transaction-tracing rules. The post Philippines’ BSP Proposes 12-Month Payment Operator Freeze as QR Rules Tighten appeared first on TechRepublic .
The Bangko Sentral ng Pilipinas (BSP) has proposed a 12-month suspension of new payment system operator registrations in the Philippines as it tightens rules for merchant identification and transaction tracing in the fast-growing digital payments market. The proposed rules aim to enhance merchant identification and transaction tracing, requiring financial institutions and payment providers to establish a National QR Code Merchant Database.
This database will contain merchant identity, registration, settlement, ownership, and risk information. The BSP would stop accepting and processing new registration applications for 12 months from the circular's effectivity, during which time existing applications could still be evaluated. Financial institutions and payment providers would also be required to notify the BSP within 24 hours of detecting material fraud, sanctions breaches, cybersecurity incidents, unlicensed activity, or illegal merchant activity.
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