A study conducted by the Better Than Cash Alliance in 2014 revealed that out of the 25 billion payment transactions monthly, only 1% is done through electronic means (mobile and online banking) while the bulk is still done manually through cash and checks.

The BSP has existing policies and programs regulating electronic payment. However, the private sector cites the importance of having clear guidelines to maintain standards and ensure stability of payment gateway players. 

Also, the private sector notes that almost any entity can put up a payment gateway in the absence of applicable government regulations. 

The BSP, in coordination with other government entities and the private sector, is driving the development of the NRPS.  This project, once completed, envisions robust, efficient and inclusive retail payments that will enable the affordable and efficient transfer of funds from any account. The NRPS will encompass the regulatory framework, governance and operating modes of all players and channels in the retail system. Once this is set-up, new policies can be created where payment gateways can become part of this system and be under BSP authority.