Google Pay to launch in the Philippines this week—report
Fond of cashless transactions? Here's some good news: Google Pay is set to launch on Nov. 18 in the Philippines.
According to a report by The Philippine STAR, insiders said that GoTyme Bank is one of the first nine issuers expected to launch Google Pay on Tuesday, though it hasn’t made any public announcement due to an embargo. Other participating institutions are also not allowed to share information early.
Seven banks will come in via Visa, while two will do so through Mastercard. One source added that the number rises to “more than nine” when fintech firms are included.
Major banks, such as Bank of the Philippine Islands and BDO Unibank Inc., are still finalizing technical requirements, per the STAR report.
The Bangko Sentral ng Pilipinas had earlier imposed that Google Pay and Apple Pay do not have to register as payment service providers, which in turn allows them to debut in the Philippines.
BSP Deputy Governor Mamerto Tangonan said that the central bank sees global digital wallets as just technology providers that don’t handle and manage money, which is important in deciding if they are payment system operators.
Both digital wallets allow users to make payments using near-field communication (NFC) devices. This technology uses radio waves to link the payer’s account with the merchant’s account. Users can also implement layers of security for their accounts, including enabling a screen lock, requiring a personal PIN, pattern, or fingerprint before making a payment.
Google Pay safely keeps your credit or debit card information, allowing you to make payments using a digital version of your card instead of the physical one.
To keep your card details safe, Google sends a virtual account number to the merchant instead of your actual details, so you know your information is safe. This app is free of charge to all users.
To create an account, Android users need to install the Google Wallet app. When they launch it for the first time, they’ll be prompted to add a card or pass.
They can do this by using their phone’s camera to scan a debit or credit card, or by scanning an image of a pass. Entering the information manually is also an option.
Users should ensure their device has the required software, that NFC is enabled, and that Google Pay is selected as the default payment method.
