The regulator unveiled its proposed rules on the basic merchant account.
BSP announced its proposed rules on the basic merchant account (BMA) framework that will let ambulant vendors and convenient stores to digitally transact payments and open accounts.
BMAs, which are accounts that enable micro, small and medium enterprises (MSMEs) to accept digital person-to-merchant and business-to-business payments, will be offered by all banks, bank-owned e-money issuers (EMI) and non-bank EMIs.
BMAs are designed for ambulant vendors or street hawkers to sell their goods.
The new proposal aims to further expand the inclusive financial system and to promote broad adoption of digital payment among consumers and businesses given its welfare-enhancing advantages for its clients.