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National payment switch to launch in Nepal

Wednesday 17 November 2021 10:23 CET | News

Nepal central bank has given approval to Nepal Clearing House to operate the national payment switch.

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, as per the company.


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Keywords: product launch, payment gateway, QR payments, e-wallet, transactions
Categories: Payments & Commerce
Companies:
Countries: Nepal
This article is part of category

Payments & Commerce