The Bangko Sentral ng Pilipinas (BSP) has circulated its proposed rules on the basic merchant account (BMA) framework that will allow ambulant vendors and convenient stores to digitally transact payments and open accounts.
The Bangko Sentral ng Pilipinas has circulated its proposed rules on the basic merchant account framework that will allow ambulant vendors and convenient stores to digitally transact payments and open accounts.
The BMAs will encourage the uptake of merchant accounts to enable seamless payments. It is designed for the small and micro merchants “who may have limited resources and capabilities to open a regular merchant account for their enterprise,” said the BSP. The BSP issued different Know Your Customer or KYC documentary requirements, monthly flow limit, minimum opening deposit account and minimum maintaining balance per tiers.
Interest rate is optional while the merchant discount rate will only apply for Tier 1 and Tier 2 of between zero and less than one percent for QR Ph transactions, subject to recalibration as determined by the BSP’s Monetary Board. There will be different guidelines for EMI-banks and non-bank EMIs but the monthly flow limit is the same. For Tier Zero it is up to P100,000 for all EMIs. For Tier 1 it is also P500,000 monthly flow limit while it remains at P1 million for Tier 2.
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