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September 14, 2020

BSP rolls out own digital payment system “NOPS”

Philippines’ central bank Bangko Sentral ng Pilipinas (BSP) has introduced its own digital payment system to process retail transactions from its stakeholders amid the Covid-19 pandemic.

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BSP governor Benjamin Diokno said that the new order payment system (NOPS) has been launched to transform the Philippines into a cashless economy.

Diokno anticipates that by 2023, 50% of the country’s total transactions, both in value and volume, would be online or digital.

Diokno said: “In line with BSP’s advocacy to promote digital payments and to provide BSP’s clients with accessible payment facilities especially during this pandemic, the BSP is launching the NOPS.”

NOPS is a web-based system offering various payment channels.

Clients can make payments to the BSP depository banks using over-the-counter, mobile or online banking, and Visa or Mastercard debit or credit cards.

Payment through PESONet and Instapay gateways, e-money service providers, among others, are in the works.

BSP’s asset management department can also offer NOPS to its clients, to generate order of payment statements, inquire status, and download official receipts.

Besides, BSP can collect property and lease payments; licensing fees of new banks, pawnshops and money service businesses; sale of bidding documents and corporate items, and bid securities payment, using NOPS.

Back in December 2015, BSP had first rolled out its National Retail Payment System (NRPS) in the country.

BSP is pushing the digitisation of retail transactions with the launch of NOPS.

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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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