[ad_1]
The New Order Payment System, or NOPS, is a secure web-based system that offers several 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 Payment Order System (NOPS) to provide its customers with accessible payment facilities during the coronavirus pandemic. The initiative is also in line with a push to digitize 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 via the Internet. The main feature of the digital platform is the availability of several payment channels through which customers can pay their obligations to the BSP.
Payments receivable through the NOPS include property amortizations and lease rentals; license and registration fees for new banks, pawn shops, and money service businesses; sale of tender documents and payment of tender guarantees; sale of BSP corporate items; and other amounts owed to BSP.
Customers of the BSP asset management department can also use NOPS to generate their own money order statements, view the status, and download official receipts.
Digital payments can be made to BSP depositary banks using over-the-counter NOPS, through mobile or online banking, and through payment gateways such as debit or credit cards.
The BSP says that other payment channels, such as payment through “PESONet” and “Instapay” gateways, e-money service providers and other payment partners, are under consideration and possible implementation.
“As the organization is tasked with driving the digitization of payments, the BSP has to ‘lead by example’ by pursuing the digitization of its retail transactions,” the central bank said.
[ad_2]
