Central Bank Gives Final Approval to Nepal Clearing House for Operation of First Phase of National Payment Switch
Nepal Rastra Bank has given final approval to Nepal Clearing House Ltd. to operate the first phase of retail payment switch under National Payment Switch Project.
The approval was granted after the completion of infrastructure and necessary works under the first phase of the National Payment Switch. The system will be brought into operation soon by coordinating with banks/ financial institutions, payment service providers, and payment system operators.
In order to make the use of electronic payment instruments easy, accessible, and secure, Nepal Clearing House has been given the approval to establish the interconnection between payment cards, retail payments, QR, and other electronic payment methods in the upcoming fiscal year.
Nepal Clearing House has been working to implement the National Payment Switch in two phases. In the first phase, necessary infrastructure and payment instruments have been set up for payments including bank account, wallet, QR, etc. used in retail transactions other than cards. For the second phase, the necessary work for National Card Switch and Nepal Payment Card has been started.
After the National Payment Switch comes into operation, the Nepal QR standard published by Nepal Rastra Bank will be fully implemented, under which the NepalPay QR of the said standard will be implemented and interconnection will be established between the QRs within Nepal.
After the National Payment Switch comes into operation, the Nepal QR standard published by Nepal Rastra Bank will be fully implemented, under which the NepalPay QR of the said standard will be implemented and interconnection will be established between the QRs within Nepal.
After the National Payment Switch comes into operation, the Nepal QR standard published by Nepal Rastra Bank will be fully implemented, under which the NepalPay QR of the said standard will be implemented and interconnection will be established between the QRs within Nepal. Service payments through alternative channels of any bank / financial institution or payment service provider can be done through retail payment switch.
By maintaining the wallet-wallet interconnection, payments can be made from one payment service provider to another payment service provider by transferring money from the wallet itself. Similarly, new payment instruments under Request-to-Pay based on electronic orders will be introduced. The final settlement of the existing payment system operators and other institutions can also be done through NCHL.
NCHL has been providing necessary assistance to banks / financial institutions and payment service providers and payment system operators to join and prepare for the National Payment Switch. NCHL has invested in infrastructure to provide direct access to the retail payment switch to other members.
The undertaking will play a helpful role in implementing devices including National Payment Switch, keeping business-related data within Nepal, and providing easy access to electronic payment services to customers.
