NCHL Adds 7 New Members to EFT Card Switch

Nepal Clearing House Limited (NCHL) has added two commercial banks and five finance companies to its EFT Card Switch, taking the total number of member banks and financial institutions to 17.

NCHL held an interaction programme with representatives of 22 member banks and financial institutions to discuss card payment operations, security, service expansion and new initiatives. The participants also shared feedback on customer needs and technology developments.

EFT Card Services is NCHL’s central card-switching platform for processing card transactions, issuing cards and acquiring transactions across national and international card networks.

In FY 2082/83, around 32 million transactions worth Rs 255 billion were processed through the EFT platform, with 3.44 million cards in circulation. NCHL said EFT accounted for around 25% of Nepal’s card transaction market during the period.

NCHL also provides e-commerce payment gateway and 3D Secure services through the platform. Its e-commerce gateway currently has more than 115 merchants, while six member institutions provide the service.