Kathmandu. KATHMANDU: Nepal Clearing House Ltd. in collaboration with Discover Network has announced the commencement of the commercial rollout of Nepal’s National Card Scheme, Nepal Pay Card. As a part of the National Payment Switch project, National Card Switch and Nepal Pay Card have been brought into full operation so that the Nepal Pay cards issued by the banks and financial institutions, Payment Service Providers and Payment System OPs can be used not only at ATMs and POS terminals across the country but globally.
With this partnership, Nepal Pay Card users will be able to use Discover Network Dinner Club International in more than 190 countries and territories worldwide, while merchants in Nepal will be able to receive payments from more than 30 network alliances and over 378 million cards partnered with Dinner Club Cards worldwide.
So far, more than 34 BFIs have signed agreement for the principal membership of NCS and Nepal Pay. NPS NCS has features like interoperability of card transactions as well as routing, settlement, dispute handling and integrated reporting.
The NPS project, implemented with the objective of modernizing Nepal’s payment systems, has been implemented since November 2021. NCS and Nepal Pay Card are expected to help reduce the cost of domestic card transactions, implement data localization and promote innovation in digital ecosystem.
Nilesh Man Singh Pradhan, CEO of NCHL said, “The launch of National Payment Switch and the commercial rollout of Nepal Pay Card marked a significant transformation in Nepal’s digital journey. This initiative will build an inter-connected payment ecosystem and lay a strong foundation for innovation. Our partnership with Discover Network demonstrates our commitment to provide secure, reliable, and international standard payment card schemes with global acceptance. ”
Mr. Subrajit Basu, Vice President of Nepal Pay Pvt. Ltd. said, “This strategic partnership with Nepal Pay will help us expand our presence and services in the Asia-Pacific region. Further, with every transaction, merchants and cardholders will get access to quality and secure payment services. ”
NCHL was established as a public limited company on 8th Poush 2065 BS under the leadership and guidance of Nepal Rastra Bank. Central banks and banks and financial institutions have invested in it. Its main objective is to operate and implement various national payment systems. NCHL has been expanding banking and financial technology and services to advance the digital economy.
