Manila:Four additional Philippine banks are set to offer Apple Pay services by November, increasing the total number to eight by the end of 2026, according to an official from Mastercard Philippines.

According to Philippines News Agency, Jason Crasto, the country manager for Mastercard Philippines, declined to name the four additional banks but expressed optimism that this development would enhance the adoption of digital finance in the country. Crasto noted that the momentum from transactions conducted via Apple Pay is expected to grow, making it an exciting time for consumers in the Philippines to make payments using cards through their Apple devices.

Currently, Union Bank of the Philippines, China Banking Corporation, Go Tyme Bank, and Metropolitan Bank and Trust Company offer Apple Pay services. Despite the positive developments, Crasto refrained from providing figures on the volume of Apple Pay transactions in the Philippines, citing that it is still too early to assess.

Additionally, Crasto mentioned that the expansion of digital financing options is being coordinated with the government. A memorandum of understanding was signed between the Department of Trade and Industry (DTI) and Mastercard to educate more micro, small, and medium enterprises (MSMEs) on digital finance. This collaboration aims to address practical challenges and create opportunities for entrepreneurs.

DTI E-Commerce Bureau Director Eryl Royce Nagtalon emphasized the importance of MSMEs in the economy, as they account for over 99 percent of registered businesses in the country. The government and private sector are working together to provide MSMEs with the necessary knowledge and tools to thrive in the digital economy, which is crucial for the country's economic growth.