Kathmandu. Reliance Finance and NCHL have signed an agreement for principal membership of NPS NCS and Domestic Card Scheme (Nepal Pay Card). The agreement was signed by Samaj Prakash Shrestha, CHIEF Executive Officer of Finance 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 preparations for 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, Reliance Finance 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 further elevate nepal’s card ecosystem. Reliance Finance, one of the leading finance companies in Nepal, has been providing state-of-the-art banking and financial services to its customers through 22 branches across the country.
