National Retail Payment System
The vision of the National Retail Payment System (NRPS) is to create a safe, efficient, and reliable electronic retail payment system that is interconnected and interoperable. The Bangko Sentral ng Pilipinas (BSP), together with industry stakeholders, launched the NRPS Framework on December 9, 2015.
The NRPS is a policy and regulatory framework that provides standards and governance principles covering retail payments in the Philippines. It will promote interoperability among various payments players so that a wide range of electronically-accessible payment products and services are available anytime and that payments are processed accurately, as quickly as possible at a reasonable cost.
According to the BSP, The NRPS is positioned to facilitate the Philippines’ transition from a cash-heavy to a cash-lite economy, eventually bringing material benefits for the government, the business and private sectors, even regular consumers and individuals – in terms of speed and efficiency of transactions, reduced costs, improved transparency, enhanced security, and expanded access to financial services.
Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. described NRPS as: “The NRPS envisions Filipinos to have easy access to financial services, have accounts to make payments, receive or transfer funds to other accounts anytime, anywhere, at a reasonable price, from any digital device…the NRPS initiative is a rare opportunity for all of us to work together to do something that can be a real positive game changer for the economy and for our people.”