Kathmandu : With an objective to promote digital payments and to make low value fund transfers easy and convenient for the end users, NCHL has downward revised the transaction fee for fund transfer up to Rs 500 and processed through Retail Payment Switch (RPS). Fund transfer initiated from bank & financial institution’s Mobile Banking, connectIPS web & mobile app and Cash In/Out in mobile wallets of PSPs will be completely waived for transaction amount up to Rs. 500.
This has been implemented in connectIPS with effect from 1st of April, 2025 and will be reflected gradually in the mobile banking and wallets after the necessary setups are completed by the respective stakeholders. For other members and use case in RPS, the transaction fee will remain as Rs 2, Rs 4 and Rs 8 for transaction amount up to 500, 5,000 and Above 5,000. VAT is applicable in such transactions, after the change in VAT status for NCHL’s clearing services.
NCHL has followed a policy of downward revision of transaction fees, as the volume of transaction increases. It has processed more than 75.6 million transactions equivalent to settlement value of NRs 5,697 Billion during the FY 80/81, which has already reached over 68.3 million transactions equivalent to settlement value of NRs. 4,553 Billion during the first eight months of the current FY 81/82. There are over 52 BFI’s mobile banking which are enabled with such RPS/connectIPS fund transfer. Similarly, customers of more than 13 PSPs can use their wallets for load fund or initiate cash-out to/ from their bank account.
RPS is the retail payment switch, as part of NPS, provides access to the member BFIs, PSPs/PSOs and other entities through open APIs for real-time transaction services. Transaction limit in RPS for different banks transaction is up to NRs. 20 lakhs per transaction and up to NRs 1 Cr per transaction for same bank, however it may vary based on the channel and the uses cases.
