BSP Deputy Governor Chuchi Fonacier said the directive was in line with Circular 980, or the adoption of the National Retail Payments System (NRPS) Framework, which was issued in November of last year. The NRPS is a comprehensive program to modernize and boost the capacity of the Philippines’ payments and clearing systems by encouraging the use of automation and e-payment applications. The goal of the NRPS is to increase electronic transactions to at least 20 percent of all financial transactions in the Philippines by 2020, from a paltry 1 percent in 2013. In that sense, the BSP’s latest directive mandating the rapid implementation of the electronic payment system offerings by those banks capable of doing so is a positive move. It is a needed goad to action by the banks on an initiative that will have sweeping benefits for Filipino consumers and the banking system.

Source: Manila Times September 14, 2018 16:37 UTC