- NEPS has said it is working on introducing virtual ATM cards in Nepal
- The digital ATM card will be replaced by a QR code for processing withdrawals
- Royalty points feature is also coming to the ATM cards soon
NEPS (Nepal Electronic Payment System) has announced it is working on launching virtual ATM cards in Nepal. Once launched, the practice will bring the convenience of withdrawing cash without a physical ATM card.
The idea is also to end the liability of having to carry a physical card that can get lost, or forgotten at home. In such instances, a virtual ATM card would be a perfect replacement for all.
NEPS CEP Sanjib Subba said that it is currently working on developing a practice of virtual ATM cards.
“This will end the need to carry a physical ATM card. We have started the work so that people do not have to use plastic-made ATM cards. For this, we will soon start converting ATM cards into a QR code,” Subba added.
When this practice comes into being, ATM cardholders will be able to withdraw money more conveniently. They will get the machine to dispense the cash simply by scanning a QR code. The QR will process the data and command by the cardholder. Don’t miss: Nabil Cash Machine: Allows Both Cash Withdrawal And Deposit
Royalty points on ATM use
NEPS is also introducing royalty points on ATM cards. Standard Chartered Bank has initiated this practice on its credit card service.
Under this reward system, users of credit cards get royalty points upon transactions from the credit card. These points can later be redeemed for payment for services just like normal cash.
Such a feature is available on digital wallets such as on eSewa and Khalti. They can be seen on eCommerce platforms like Daraz as well. But this is the first time ATM card users will also get that extra feature.
But this feature will only be available for customers of NEPS’ member banks.
NEPS has a network of 15 member banks and maintains the operations of over 2000 ATMs, and 20,000 POS machines.
Do you like the idea of virtual ATM cards replacing plastic-made physical cards? Do share in the comments below.