#BSP OPS

Recent reports probably got us fed with headlines about an OPS or an Operator of Payment System. In July, the Bangko Sentral ng Pilipinas (BSP) has ordered social media platform Lyka to stop its operations as an OPS and urged to apply for registration first before continuing with its activities. In other news, the central bank also considers classifying the popular play-to-earn NFT game Axie Infinity as an OPS. But what really is an OPS, and why is it important to have it registered? Under the BSP regulations, OPS includes cash-in service providers, bills payment service providers, and entities such as payment gateways, platform providers, payment facilitators, and merchant acquirers that enable sellers of goods and services to accept payments, in cash or digital form. National Payment Systems Act (NPSA) The National Payment Systems Act (NPSA) or Republic Act 11127 mandates the BSP to oversee payment systems in the Philippines and exercise supervisory and regulatory powers for the purpose of ensuring the stability and effectiveness of the monetary and financial system. According to BSP, the term “person” as used in Circular No. Who are the Operators of Payment Systems (OPS)? 1049, entities that operate as OPS are required to register with the central bank. Read more in our articles including "What is an Operator of Payment System (OPS)?" and "BIR opens Tax Payer Portal".