Kathmandu. Lumbini Bikas Bank and NCHL have signed an agreement for principal membership of NPL-National Card Switch (NPS) and Domestic Card Scheme (NepalPay Card). The agreement was signed by Deputy Chief Executive Officer Umesh Regmi on behalf of the bank and Chief Executive Officer Nileshman Singh Pradhan on behalf of NCHL.
NCHL had recently announced the completion of the infrastructure preparation for NPS-NCS and requested banks and financial institutions to integrate their switches for Nepal’s own domestic card scheme NepalPay Card issuance and acquiring. Along with this, banks and financial institutions are joining NPS-NCS and NepalPay Card.
After the commercial rollout of NepalPay infrastructure, Lumbini Bikas Bank will be able to issue and acquire the card for customers. NPS-NCS is being established as a central card switch for routing and settlement of domestic card transactions by maintaining interconnection between various card switches.
After full implementation of the system, it is expected to reduce the cost of domestic card transactions, ensure data localization and develop and promote the latest tools in the digital ecosystem.
NCHL has been providing services to more than 54 banks and financial institutions, most of the PSOs and PSPs and more than 100 non-banking members by operating various national payment systems. The implementation of NPS-NCS and NepalPay Card is expected to further elevate Nepal’s card ecosystem.
Lumbini Bikas Bank, one of the leading development banks in Nepal, has been providing modern banking and financial services to more than 600,000 customers through 89 branches and 20 ATM terminals across the country.
