[Finterest] Apple Pay, LRT1 tap-to-pay? What’s next in BSP’s digital payment roadmap

'Stay tuned kasi may alam akong mga banks mag-lalaunch,' a high-ranking Bangko Sentral ng Pilipinas official says about Apple Pay ahead of its expected Q3 2026 launch MANILA, Philippines – The long-awaited launch of Apple Pay in the Philippines could be just around the corner, along with other digital payment methods. Bangko Sentral ng Pilipinas (BSP) Deputy Governor Mamerto Tangonan said local banks are preparing to launch Apple Pay, while a tap-to-pay system for Light Rail Transit Line 1 (LRT1) is awaiting a final agreement with the rail line’s private operator. Here’s a quick rundown of what we could see in the coming months. Apple Pay: ‘Stay tuned’ Apple Pay has yet to officially launch in the Philippines, but Tangonan hinted that the wait may be nearly over. “We didn’t object to it. So, it’s up to the banks,” Tangonan told reporters during a roundtable. “Stay tuned kasi may alam akong mga banks mag-lalaunch (because I know some banks are looking to launch). Stay tuned,” he added, without mentioning the banks or giving an exact date. Earlier reports had placed Apple Pay’s Philippine entry in the third quarter of 2026, as local banks worked to satisfy the platform’s technical requirements. As of Apple’s latest published list of supported markets on July 10, however, the Philippines was still not included. Google Pay arrived earlier, launching in the Philippines on November 18, 2025, with initial partners including China Bank, EastWest, GCash, GoTyme, Maya, RCBC, UnionBank, Wise, and Zed. LRT1 could complete the rail rollout The next visible change for commuters may be LRT1. “Coming soon,” Tangonan said, adding that the parties were down to a “final agreement” with the operator. He said he was hopeful that the system could be rolled out within the quarter. LRT1 would follow MRT3, which began rolling out its tap-to-pay fare system in July 2025, and LRT2, which also launched contactless payments across all 13 stations on July 13, 2026. The new systems let commuters tap Visa or Mastercard bank cards, use NFC-enabled phones and wearables, or scan supported QR codes instead of buying a single-journey ticket or loading a Beep card. GCash is the principal payment partner for MRT3, while RCBC serves as the acquiring bank and fare-gate partner for LRT2. “We just want to make sure that we provide an interoperable payment system,” Tangonan said. “Kahit ano ang gawin niyo diyan, basta ‘yung payment system (Whatever you do there, just make sure that the payment system is), interoperable.” Interoperability means commuters should eventually be able to use an existing bank card, mobile wallet, or other accepted instrument across several transport systems, rather than buying a proprietary card for each one. What about buses? The bus network is a more complicated test. Beep is already accepted on selected routes, but it’s not the only cashless option. The EDSA Busway launched a separate GCash SoundPay pilot in December 2025, initially covering 260 buses. Passengers scan a QR code displayed on a conductor’s device and enter their fare. That still falls short of the BSP’s broader vision. Tangonan said he hoped bus operators, including provincial services, would eventually carry terminals that could accept several payment instruments. Connectivity remains a practical problem too on long-distance routes with stretches of highway that are mobile dead spots, meaning payment systems may also need ways to process or store transactions offline. Tokenized bonds and cross-border payments Some BSP projects are less visible to consumers but could eventually affect how they invest or send money abroad. Under Project Agila 2, the BSP plans to test the near-simultaneous settlement of tokenized Treasury bonds and allow participating financial institutions to use those securities to obtain liquidity. This is a wholesale central bank digital currency project for financial institutions, not a retail “digital peso” intended to replace cash in consumers’ wallets. Tangonan said tokenization could also help financial institutions divide government securities into smaller, more affordable investment units, although banks and fintech firms would still have to develop the products offered to customers. The BSP is also working with the Bank for International Settlements and other central banks on Project Mandala, which explores encoding regulatory checks into digital certificates or tokens. It could complement Project Nexus, the initiative linking participating countries’ instant-payment systems, by making cross-border compliance faster and potentially less expensive. – Rappler.com Finterest is Rappler’s all-in-one financial literacy hub. Below are other Finterest articles you may have missed: Click here for other Finterest articles.