Is NextPay a bank?

No, NextPay is not a bank. NextPay is a BSP-licensed Operator of Payment Systems (OPS). This means we are authorized by the Bangko Sentral ng Pilipinas to facilitate the transfer of funds, but we do not hold deposits the way a traditional bank does.

Your funds deposited into NextPay are held in trust accounts maintained at major Philippine banks. NextPay acts as a payment intermediary, moving money from your NextPay balance to recipient bank accounts and e-wallets.

Because NextPay is not a bank, your account is not covered by the Philippine Deposit Insurance Corporation (PDIC). However, all funds are safeguarded in compliance with BSP regulations.