THE Monetary Board has approved the regulatory framework for merchant payment acceptance activities, requiring operators of payment systems to adhere to strict guidelines for secure and efficient digital payments.
Circular 1198, issued by the Bangko Sentral ng Pilipinas last July 19, detailed the regulatory framework that mandates operators of payment systems (OPS) to follow strict guidelines to ensure secure and efficient digital payments, with specific provisions for merchant payment acceptance activities (MPAA), risk management, and obtaining necessary licenses.
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