Kathmandu. More than 20,000 organizations have joined the commercial payment system, Corporate Pay. In addition, it can be understood that digital transformation in commercial payments in Nepal has achieved significant achievements. In the first 8 months of the current fiscal year, more than Rs 714 billion in payment transactions have been completed through Corporate Pay, which is a significant increase compared to the Rs 800 billion transaction in the last fiscal year. This achievement shows that the trend of small and medium businesses and various organizations using Corporate Pay for digital payments is increasing.
Corporate Pay’s multi-banking digital payment and financial services are seeing a significant increase in users. The system is being used by various organizations including small and medium business organizations, government and non-government organizations, financial institutions, and others.
This system can be used to make various payments including fund transfer, salary payment, vendor payment, government of Nepal revenue payment, Employee Provident Fund, Social Security Fund, Citizen Investment Fund, Bulk Utility Payment, Creditor Settlement. In addition, funds and receivables can be managed by linking more than one bank account on the same platform of this system and setting the necessary operating mandates for payments. In this system, Rs. The transaction limit is up to Rs. 10 million (same bank financial institution) and Rs. 20 lakh (other bank financial institution) and up to Rs. 200 million for non-real time transactions.
