Nepal’s Own Card ‘Nepal Pay’ Released: What Are The Features Nepal Clearing House Limited (NCHL) has officially launched the NPS National Card Switch and Domestic Card Scheme (Nepal Pay Card). Nepal Rastra Bank Governor Maha Prasad Adhikari inaugurated the technology at a program organized in the capital on Monday.
NCHL has launched the Nepal Payment Card with the slogan ‘Nepal’s own card’. The company has stated that in the initial phase, Nepal Pay Card will be issued by Citizens Bank, Goodwill Finance Limited, Himalayan Bank, Machhapuchhre Bank, Muktinath Bikas Bank, NMB Bank, Prabhu Bank, Shangri-La Development Bank and Siddhartha Bank.
An important aspect of this system is that the data of transactions under it will be controlled at the local level. NCHL has stated that work is underway to make this card usable internationally in the future.
At the event, Himalayan Bank issued the first Nepal Pay Card to Governor Adhikari, while the first POS transaction was made at Machhapuchhre Bank.
“Payments through international providers like Visa and MasterCard used to incur additional costs, but now that the card is being operated in Nepal, that cost will be saved,” he said.
The project is being implemented in line with Nepal Rastra Bank’s strategy to develop its own payment system. After various rounds of discussions and approvals, the Rastra Bank had given the responsibility of implementing it to HCAchal.
NCHL has stated that it will collaborate with banks, financial institutions, and payment service providers for the full commercial operation and acceptance of this system.
