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KATHMANDU: The first phase implementation of the National Payment Switch has begun from today, as per the Nepal Rastra Bank (NRB).
Altogether 29 banks and financial institutions (BFIs) have signed an agreement to join in the first phase of the National Payment Switch (NPS) that Nepal Clearing House is implementing.
The payment gateway will integrate multiple banks, digital payment vendors such as interbank payment system (IPS), ConnectIPS, quick response (QR) code and other digital ecosystem players into one system enabling them to transfer funds.
The first phase involves working on routing non-card transactions. All non-card transactions in the country that are done through mobile banking, e-banking, e-wallet or QR code will be routed through the national payment switch in the first phase.
In the second phase, the company will work on the national cards system; and in the third phase, all domestic electronic transactions will be routed through the national payment switch.
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