BSP Proposes 12-Month Freeze on New Payment Firms

The Bangko Sentral ng Pilipinas (BSP) has proposed a 12-month suspension on new Operator of Payment System registrations to review how payment operators get classified and licensed nationwide.

This move is part of a broader effort to rebuild the OPS taxonomy and licensing rules from the ground up, giving regulators room to improve payment infrastructure and supervision. The pause will last for a full 12 months, allowing for a complete review of licensing categories and risk management standards.

The BSP also aims to improve tracing of merchants and their ultimate beneficiaries through a proposed centralized QR merchant database. Layered payment setups involving multiple intermediaries face new restrictions under the draft rules.