Kathmandu. KATHMANDU: Nepal Rastra Bank (NRB) has granted permission to the establishment of different types of service providers in order to systematize the payment system.
There are two different types of electronic payment organizations licensed by the Rastra Bank for the purpose of systematizing the payment and settlement system. One is a payment system operator (PSO) and the other is a payment service provider (PSP).
PSP is responsible for making payments for goods, services, property or other liabilities to the general public, transferring money in the country or conducting payment transactions through electronic means.
PSOs are responsible for operation, management and clearing of payments through clearing house, electronic card or other online payment network.
Currently, there are 21 PSPs and 8 PSOs in operation after obtaining a license from the Nepal Rastra Bank. Therefore, the NRB has urged the public to understand the role of PSPs and PSOs and make proper use of digital payments.
