KATHMANDU, April 5: Nepal Clearing House (NCHL) has waived fees for fund transfers up to 500 rupees through the Retail Payment Switch (RPS).
NCHL announced that it will waive fees for fund transfers up to Rs 500 to encourage digital payments for small amounts.
The company stated that fund transfers of up to Rs 500 through Connect IPS on the web/mobile app, mobile banking of banks and financial institutions and mobile wallets via Connect IPS are now completely free.
Sanima Bank, NCHL sign agreement for NCHL-IPS system
The company confirmed that this provision has been in effect in Connect IPS since April 1. It added that, once banks, financial institutions, and wallets make the necessary arrangements, the provision will gradually be applied to mobile banking and wallets as well.
The existing fee structure of Rs 2 and Rs 8, based on the transaction amount, remains unchanged for other transactions conducted through IRPS.
RPS has processed payments worth Rs 4,553 billion in 68.3 million transactions during the first eight months of the current fiscal year.
Currently, 52 banks and financial institutions offer fund transfer services through RPS/Connect IPS on their mobile banking apps. Additionally, 13 wallets provide cash-in and cash-out services from bank accounts.