Kathmandu. Garima Bikas Bank has joined Nepal Clearing House Limited (NCHL)’s Nepal Payment Switch (NPS) and National Card Switch (NCS) domestic card scheme Nepal Pay. Chief Executive Officer of the bank Madhav Prasad Upadhyay and CEO of NCHL Nilesh Man Singh Pradhan signed the agreement.
NCHL has recently announced the completion of preparations for nps-ncs infrastructure. It urged banks and financial institutions to integrate their switches for issuing and receiving Nepal’s own domestic cards. At the same time, banks and financial institutions are joining Nepal Pay. After the commercial rollout of infrastructure, customers of Garima Bikas Bank will be able to issue and acquire cards.
NPS-NCS is being established as a central card switch for routing and settlement of domestic card transactions by maintaining interconnection between different card switches. Full implementation of this system is expected to reduce the cost of domestic card transactions, ensure data localization and develop and promote the latest tools in the digital ecosystem.
