NCHL reduces service charge of Connect IPS use

Published On: December 1, 2021 07:45 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Dec 1: Nepal Clearing House Limited (NCHL) has reduced its service charge for the users of Connect IPS, a payment platform, targeting to reduce transaction cost of its customers.  

According to the NCHL, the users can now settle their transactions by paying service fees between Rs 2 to Rs 8 per transaction. At the revised rate, the Connect IPS customers need to pay Rs 2 for transactions of up to Rs 500.

For the transaction between Rs 500 and Rs 5,000 the service charge has been fixed at Rs 4 while any transaction amount of more than Rs 5,000, the Connect IPS customers have to pay Rs 8 per transaction. According to the company, it has reduced the rate in the line of Nepal Rastra Bank’s policy to facilitate implementation of Retail Payment Switch, an e-payment platform of recently launched National Payment Switch.

Meanwhile, the transactions via Connect IPS surged 225 percent in the first four months of the current fiscal year. On an average, the payment system has been facilitating transactions settlement worth over Rs 8 billion via 117,000 units of transactions daily, according to NCHL.  

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