NCHL reduces transaction fees in all its payment systems; aims to provide more incentive for cashless economy  

Nepal Clearing House Ltd. (NCHL) has considerably reduced its transaction fees and charges in almost all its payment systems. With an intent to support non-cash transactions and to leverage the momentum gained on digital payments since the COVID 19 pandemic, NCHL has decided to support its members and their customers by reducing transaction fees in NCHL-ECC, NCHL-IPS and connectIPS e-Payment systems.

With effect from 1^st Sharawan 2077, the transaction fees have now been revised based on the transaction amount slab to NRs 0-15 in NCHL-ECC for regular clearing, NRs 2-10 in NCHL-IPS and NRs 2-15 in connectIPS. Similarly, the MDR for the creditors enrolled by the member BFIs and PSPs has also been revised and standardized to 0.75% with Min NRs 2 & Max NRs 100, except for the specific sectors. The transaction amount slabs have also been changed. The fees for express and high value clearing in NCHL-ECC remain the same.

NCHL has been contributing in the development of the digital payments ecosystem in Nepal by operating multiple national payment systems including the Electronic Cheque Clearing System (NCHL-ECC), Interbank Payment System (NCHL-IPS), connectIPS e-Payment system, connectRTGS and National Payments Interface (NPI). Since the lockdown started from 11^th Chaitra 2077, NCHL had waived transaction fees in all the systems until the end of the last fiscal year that ended on 31^st Asar 2077, to facilitate the general public to use non-cash payment transactions. During the period, it had processed a total of 54.2 lakh transactions, equivalent to a total transaction fee of approximately NRs 5.2 crores, which was completely waived.

The revised transaction fees will be applicable to all its direct members (BFIs) and indirect/technical members including PSPs/PSOs and others. Since these are the fees and charges applied by NCHL to its members, their customers are requested to contact the respective BFIs or service providers for details. NCHL believes that the initiative of revised transaction fees will further support the industry to increase digital payment transactions and the overall economy to reduce reliance on cash-based transactions.