BSP Launches Digital Payment Platform for Retail Transactions

The New Order of Payment System, or NOPS, is a secure web-based system that offering various channels through which payments can be made to the BSP.

The BSP (Bangko Sentral ng Pilipinas) has launched a digital payment platform for its internal and external retail transactions, as part of efforts to limit physical transactions amid the Covid-19 pandemic.

The central bank has launched the New Order of Payment System (NOPS) to provide its clients with accessible payment facilities during the coronavirus pandemic. The initiative is also in line with a push to digitalise payment systems in the country and transform the Philippines into a cashless economy.

NOPS is designed as a secure web-based system easily accessible to the public through the Internet. The main feature of the digital platform is the availability of various payment channels through which clients can pay their obligations to the BSP.

Payments to be collected through the NOPS include property amortisations and lease rentals; licensing and registration fees of new banks, pawnshops and money service businesses; sale of bidding documents and payment of bid securities; sale of BSP corporate items; and other amounts due to the BSP.

The BSP’s asset management department clients may also use the NOPS to generate their own order of payment statements, inquire status, and download official receipts.

Digital payments can be made to the BSP depository banks using NOPS over-the-counter, through mobile or online banking, and via payment gateways such as debit or credit cards.

The BSP says other payment channels such as payment via “PESONet” and “Instapay” gateways, e-money service providers and other payment partners are in the pipeline for consideration and possible rollout.

“As the organisation tasked to push for digitalisation of payments, the BSP has to ‘walk the talk’ by pursuing the digitalisation of its retail transactions,” the central bank said.