On Jan. 14, PHI CB issued guidelines on merchant acquisition license.
PHI CB published the Guidelines on application for merchant acquisition license, which guides regarding submission of application to PHI CB for merchant acquisition license.
Follows PHI CB Oct. 2023 proposed framework for merchant payment, see #191272.
Document dated Jan. 14, 2025, received from PHI CB Jan. 15, summarized Jan. 17.
Description of Guidelines
All operators of payment system (OPS) engaged in or intending to engage in merchant acquisition shall obtain PHI CB authority prior to engagement, effective Aug. 8, 2024.
All applications shall be transmitted electronically to PHI CB's designated department.
Merchant acquisition license (MAL) applicants shall have an authorized representative at all times in charge of information requests, provide a response on a timely basis.
In addition, applicants shall inform the PHI CB of a change of their authorized representative within 5 business days from the date of occurrence; may file a new application after the lapse of 6 months from the date of application denial/withdrawal.
The guidelines detail minimum requirements for three-phased evaluation process, including determination of applicant's eligibility, application evaluation, MAL issuance.
Banks and electronic money issuers-non-bank financial institutions (EMI-NBFIs) that intend to engage in merchant acquisition need not apply for a separate license.
