Gambling gaming feature to be dissociated by Maya by August 16th
Bangko Sentral ng Pilipinas Orders Payment Apps to Delink from Gaming Websites
The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has issued a directive to delink payment apps from gaming websites. This move is part of a broader regulatory push to address the risks associated with the proliferation of online gambling in the country.
According to the BSP, the decision comes in response to concerns about the potential harm that online gambling can cause to individuals and the economy as a whole. In a statement, the regulator emphasized its commitment to safeguarding consumers and ensuring that all financial institutions comply with relevant regulations.
One of the payment apps affected by this directive is Maya. In a statement, Maya emphasized its commitment to upholding the highest standards of consumer protection and full compliance with all regulations. As a result of the BSP's directive, Maya will remove in-app links to online gambling applications and disable access to gaming sites and apps through its "Games feature" on its app, effective from 8 PM on August 16.
However, customers will still be able to withdraw remaining funds from linked gaming accounts to their Maya Wallet using the in-app Games feature before the deadline. After 8 PM on Saturday, users will need to withdraw their funds directly through the gaming provider's own website or application.
Maya also reassured its customers that they can continue to use all of its financial services without interruption. The company will work closely with regulators and industry partners to ensure that it continues to meet the highest standards of consumer protection and compliance with all regulations.
GCash, another popular payment app in the Philippines, has also announced that it will comply with the BSP's directive. The exact details of how GCash will implement the directive are still unclear, but it is expected to follow a similar approach to Maya.
According to data from the Philippine Amusement and Gaming Corp., more than 32 million Filipinos participate in licensed online gambling. The BSP's decision to delink payment apps from gaming websites is likely to have a significant impact on the online gambling industry in the Philippines.
In conclusion, the BSP's decision to delink payment apps from gaming websites is part of a broader regulatory push to address the risks associated with online gambling in the Philippines. Maya and GCash, two popular payment apps in the country, have announced that they will comply with the directive, and customers will still be able to withdraw their funds before the deadline. The BSP will continue to work closely with regulators and industry partners to ensure that all financial institutions comply with relevant regulations and uphold the highest standards of consumer protection.
