Nepal Clearing House Limited (NCHL) has reached an agreement with ACI Worldwide to implement the central payment system- National Payment Switch infrastructure. The collaboration seeks to devise a system that will create a payment system for users in Nepal for their digital payment via NepalPay.
Currently, Nepalese are having to use international payment cards for payment. But with NepalPay, a National Card Switch (NPS NCS) will be set up and Nepal will have its own versatile payment card for electronic transactions. Check out: Top 5 Digital Wallets in Nepal
After the NPS-NCS launch, Nepal’s banks and financial institutions will be able to issue Nepalpay cards to their customers. The card will be secure, and sophisticated and is expected to provide customers with affordable and convenient options for payment.
National Payment Switch was brought into operation in November 2021. Nepalese use domestic and MasterCard for payment which are then switched through foreign-based gateways. The National Payment Switch will establish the payment switch inside the country. This will expectedly reduce the costs while making transactions faster and more secure.
Leave a Reply