Electronic payments can even provide greater access to other financial services. These concrete developments mark a significant milestone in our journey towards modernizing the retail payment system in the country —- an accomplishment that would not be possible without the cooperation of the payments industry players with the BSP. We also recognize USAID which has provided the technical assistance for this strategic initiative.
1/3  BIS central bankers' speeches  This journey officially began in December 2015 when we launched the National Retail Payment System Project or the NRPS. As a policy framework, the NRPS lays down the principles and necessary elements of our envisioned safe and efficient retail payment system. Let me just highlight for a moment the concept of efficiency.