National Payments System in the Works in the Philippines

Tuesday, October 13, 2015

The framework for the envisioned national retail payments system (NRPS) could be ready by next month, a BancNet official said, in a bid to roll out the system by next year as the financial industry aims to have an integrated cashless network in the next three to five years.

The Bangko Sentral ng Pilipinas (BSP) last month said it aims to finish laying the foundation of the NRPS by yearend in partnership with banks, payments providers and telecommunication companies.

“We’re looking more at the framework and constitution of this national payments system. We’re targeting by November,” BancNet chairman and electronic channels group head at Bank of the Philippine Islands Manuel C. Tagaza said in a recent interview.

“There are a lot of activities now because the direction has been set. 

We are now forming the constitution of what you call the payments system management board, so we’ll see a lot more developments. 

What the BSP wants is to have a constitution where the organization is fixed already, so that’s what we’re working on. We meet almost every week now, with banks’ participation, telcos’ participation,” he added.

 

Source: BusinessWorld (link opens in a new window)

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