Economy

Nepal’s Retail Payment Switch Reaches Rs. 57 Kharba In Transactions For FY 2080/81

In FY 2080/81, Nepal’s National Payment Switch’s retail payment switch facilitated transactions totaling NPR 57 Kharba, marking a 49% increase in transaction numbers and a 38% rise in transaction amounts compared to the previous year. The Retail Payment Switch (RPS) processes all transactions electronically, with most small transactions handled in real-time.

This system encompasses mobile banking, payment service provider wallets, capital markets, insurance, remittances, and government transactions, all integrated through the National Payment Interface (NPI). Platforms like ConnectIPS and real-time bank branch transactions are also processed via RPS.

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Approved by Nepal Rastra Bank and operated by NCHL since FY 2078/79, RPS supports various payment tools and is developing cross-border payment capabilities. Currently, 52 banks, 22 payment service providers, 2 payment system operators, over 100 organizations, and the Government of Nepal are connected to RPS. Additionally, efforts are ongoing to integrate the National Card Switch (NPS-NCS) / NEPALPAY Card to enhance card transaction interoperability within Nepal.

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