NCHL to offer Free Fund transfer from mobile channels during festival season; offer to be valid from Aswin 20 to Kartik 25

With an objective to reduce the usage of paper notes during the festivals of Dashain, Tihar, and Chhath and to encourage mobile-based fund transfer, the transaction fee in connectIPS for fund transfer initiated from BFI’s Mobile Banking, connectIPS Mobile App and fund load to mobile wallets of PSPs have been completely waived for any amount of transaction with effective from 20^th Ashwin 2078 till 25^th Kartik 2078.

With the growing usage of mobile as the primary channel for fund transfer, fund transfer by the general public is one of the most used payment types for various service providers.  So, in order to facilitate the end customers, member BFIs and PSPs to promote mobile-based fund transfer, the initiative of NCHL to waive the entire transaction fee will largely help reduce the use of paper notes during this festive time.

The customers can avail of fund transfer service by registering in www.connectips.com or through its mobile app or through the connectIPS fund transfer option available in BFI’s mobile banking channel of more than 55 BFIs, which does not require a separate registration.  Similarly, customers of more than 14 digital wallets can directly load funds from their bank account using connectIPS. Fund transfer up to NRs. 1 lakh per transaction and 2 lakhs per day can be done from connectIPS mobile app while mobile banking allows 50 thousand to 2 lakh as per BFIs internal policies.

connectIPS is a real-time payment system operated by NCHL and provides access to the member BFIs, PSPs/PSOs, and other entities to access such system through open APIs to extend such payment service to their channels. connectIPS has processed more than 18.9 million transactions equivalent to the settlement value of NRs 1.36 trillion during FY 77/78 and during the current FY 78/79 (until Bhadra end) has already reached over 6.2 million equivalent to the settlement value of NRs. 448 billion. There are over 54 BFIs within the connectIPS network.