Kathmandu. Through the Retail Payment Switch (RPS) under the National Payment Switch, payment transactions amounting to 18 trillion have been completed till the end of December of the current financial year 2079/80. Nepal Clearing House said that the business through RPS has increased by 31 percent this year.
Similarly, based on the number of transactions, there has been an increase of 25 percent compared to the last financial year. Currently, an average of 13 billion 300 million rupees worth of payment transactions are processed through retail payment switches.
Under which 60 percent transactions are done through National Payment Interface (NPI). Interconnection between various retail systems and devices has been established through RPS under the National Payment Switch.
Among which fund transfer and various payments are available through mobile banking of banks and financial institutions, wallets, web of Connect IPS, mobile app and gateway, corporate-pay system and open API that can be connected with any organization's own system.
Under RPS, banks and financial institutions, payment service providers, payment system operators, government agencies and various organizations have been affiliated through NPI and have been conducting payment transactions.
Operating as an open API platform, NPI can integrate with RPA and receive various payment systems and other banking services. Under RPA, various tools such as VPA-based payment, request to pay, e-mandate based payment, interconnected Nepal-Pay QR, biller gateway, wallet interconnection and PSO settlement are available.
Currently, 55 banks and financial institutions are affiliated to RPS as members. Depending on the channel through which the payment transaction will be made, payment up to 20 lakh rupees per transaction and up to 1 crore rupees in case of the same bank financial institution can be transacted.
Transactions can be made up to 20 lakh rupees per transaction through the web of Connect IPS under APS and up to 2 lakh rupees per transaction through the mobile app. Customers of banks and financial institutions can link one or more of their bank accounts to Connect IPS and make payments through a single platform.
