Retail payments system to lift GDP

THE full implementation of the national retail payments system in the country will boost gross domestic product growth, Bangko Sentral ng Pilipinas Deputy Governor Nestor Espenilla Jr. said Friday.

The national retail payment system is a policy and regulatory framework that aims to establish a safe and efficient reliable retail payment system in the country. Espenilla said the system, with a faster payment turnover, could lead to higher economic activities. Countries with high level of e-payment were found to have a higher level of per capita income.

“The economy now runs on cash but it has cost in using cash in the system. NRPS will result in more efficiency,” Espenilla said.