Kathmandu. NIMB and NCHL have signed an agreement for principal membership of NPS NCS and Domestic Card Scheme. The agreement was signed by Jyoti Prakash Pandey, CHIEF Executive Officer of the Bank and Nilesh Man Singh Pradhan, CHIEF Executive Officer of NCHL.
Banks and financial institutions are joining NPS NCS and Nepal Pay Card after NCHL recently announced the completion of nps NCS infrastructure and urged banks and financial institutions to integrate their switch for nepal’s own domestic card scheme Nepal Pay Card issuing and acquiring. After the commercial rollout of Nepal Pay Infrastructure, NIMB will be able to issue and acquire the card for the customers.
NPS NCS is being established as a central card switch for rounding and settlement of domestic card transactions by maintaining interconnection between various 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.
NCHL serves more than 54 banks and financial institutions, mostly PSOs and PSPs, and more than 100 non-banking members by operating various national payment systems. The implementation of NPS NCS and Nepal Pay Card is expected to take nepal’s card ecosystem to a new height.
One of the leading commercial banks in Nepal, NIMB has been operating its own card switch infrastructure. Through this infrastructure, the bank has been providing card switching and processing services to its subsidiaries including 3 commercial banks, 5 development banks, and 1 finance company.
