Security Bank Corp. is preparing to make its credit and debit cards compatible with Apple Pay and Google Pay by the second half of 2027 as the Philippine bank accelerates its digital payments strategy.
Security Bank President and Chief Executive Officer Victor Lee Meng Teck said the bank is currently upgrading its core card system to prepare for xPay integration. The planned upgrade is intended to allow customers to use their Security Bank cards through major digital wallet platforms.
The bank expects demand for these services to increase as more Filipinos shift toward cashless transactions. Apple Pay is expected to be particularly relevant to Security Bank’s wealth-management customers, with about 80% of the bank’s Wealth business clients using Apple devices, Lee said.
The move comes as digital payments continue to account for a growing share of transactions in the Philippines. Bangko Sentral ng Pilipinas data showed that digital payments represented 64.7% of total retail payment volume in 2025, up from 57.4% in 2024.
The latest figure is already within the lower end of the BSP’s target for digital payments to account for 60% to 70% of retail payment volume by 2028. The continued shift could encourage banks to expand card-linked digital payment options as customers increasingly use mobile devices instead of physical cards and cash.
Security Bank is also weighing how digital wallets could change the relationship between banks, customers and payment platforms. Lee pointed to questions surrounding trust and the amount of money customers are willing to keep within wallet-based payment ecosystems.
He noted that the Philippines’ growing use of InstaPay and the availability of free interbank transfers could further support a more integrated digital payment environment. Banks could potentially remain central to customers’ payment activity as cards, QR payments and account-based transfers become increasingly connected.
Beyond payments, Security Bank is exploring additional digital financial services. The lender is looking into offering Personal Equity and Retirement Account products as part of efforts to encourage savings and financial literacy, particularly among younger Filipinos.
PERA is a voluntary retirement savings program designed to supplement pension and retirement benefits from the Social Security System, Government Service Insurance System and employer-sponsored plans. BSP data showed accumulated PERA contributions reached P757.554 million at the end of June, up 45.3% from P521.363 million a year earlier, while the number of contributors rose to 30,055 from 6,193.
Security Bank’s digital push comes alongside continued growth in its earnings. The bank reported second-quarter net income of P3.38 billion, up from P3.04 billion a year earlier, bringing first-half profit to P6.08 billion from P5.86 billion previously.
The planned xPay integration would give Security Bank customers another way to use their existing cards through smartphones and other compatible devices. If the project stays on schedule, the rollout in the second half of 2027 would mark another step in the bank’s broader transition toward a more digitally integrated payments business.
