#OPS Registration

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. Who are the Operators of Payment Systems (OPS)? 1049, entities that operate as OPS are required to register with the central bank. As per the BSP, registration is important as it allows the central bank to have oversight authority over all payment systems in the Philippines to ensure that it functions "safely, efficiently, and reliably" by itself and in relation to RA No. Meanwhile, all OPS that has not commenced operations shall register with the BSP within one (1) month from the start of their operations except in the following instances where registration is required before commencement of operation: 1. Read more in our articles including "What is an Operator of Payment System (OPS)?" and "BIR opens Tax Payer Portal".