Philippine banks are taking steps to tokenize their cards, a key requirement for integration with technology service providers Apple Pay and Google Pay, according to Bank of the Philippine Islands (BPI) president and CEO Jose Teodoro “TG” Limcaoco.
Limcaoco said tokenization involves replacing card details with a secure “stand-in” number stored on a user’s device, enhancing data protection and preventing exposure of actual account information.
“The BSP has now ruled that [Apple Pay and Google Pay] don’t have to be payment service providers, so now they’re free to go,” he said in a recent interview.
“What banks need to do is make sure their card products are capable of being tokenized.”
The Bangko Sentral ng Pilipinas (BSP) earlier clarified that Apple Pay and Google Pay do not qualify as operators of payment systems (OPS) since they will not hold funds for Filipino users.
“They’re likely waiting until more banks say, ‘Okay na kami.’”
Limcaoco said BPI, the country’s third-largest bank with ₱3.435 trillion in assets as of end-June 2025, is not yet ready to tokenize its cards but aims to do so by 2026.
“It would be crazy for a bank not to participate,” he added, noting that both tech firms are expected to launch once the local banking sector achieves full readiness.
BSP Deputy Governor Mamerto Tangonan earlier confirmed that Apple Pay and Google Pay are exploring the possibility of offering their services in the Philippines.
“To make a successful launch, Google Pay and Apple Pay have to roll out with enough support — not just with one bank. This removes the need for prior registration and clears the way for their entry into the local market.”
Both mobile payment platforms enable users to complete transactions using near-field communication (NFC) technology, allowing smartphones and smartwatches to make payments linked to debit, credit, or e-wallet accounts.
“There’s still some technology that banks need to work on,” Limcaoco said.
