28ht May, Kathmandu
Nepal Rastra Bank (NRB) recently released a notice stating that they’re increasing the threshold of digital payment in Nepal. Previously, the limit set to credit/debit card, mobile banking, internet banking, and digital wallets were quite disheartening. Most of the users of such digital payment systems mentioned that the limit set by NRB is insufficient at times.
Regarding these issues, Nepal Rastra Bank has finally made the much-needed amendment to the transaction limit on all digital payment systems. The different threshold set on various platforms are listed below:
The transaction limit for payment to merchants is increasing to Rs10 Lakh per day from Rs 1 Lakh per day. The deadline for one month is set to Rs 30 Lakhs.
Bank account transaction via Internet banking is set to Rs 1 Lakh per day whereas the threshold for bank transactions per month is limited to Rs 50 Lakh.
NRB has increased the limit on the mobile payment system to Rs 50,000 per day. The previous limit was only Rs 15,000 per day. Besides the billed amount, a user could pay a total of Rs 50,000 per month which is now set to Rs 1 lakh. These limits apply to QR based payments as well.
Prepaid cards can be used for the transaction of Rs 500 to Rs25,000. However, there’s no threshold for the financial institutions to limit people from taking money as per their will.
Near Field Communication (NFC)
NRB is trying to implement and regulate NFC payments. Contactless payment, without a Pin code, can be done for an amount up to Rs 2000. The banks and financial companies need to be concerned about the security to mitigate the risk of these payments.
Payments through agents and subagents will be limited to Rs 25,000 per day whereas the payments will have a limit of Rs 50,000 per month.
Transactions from wallet to the bank, wallet to wallet or bank to wallet will have a limit of Rs 25,000 per day. The monthly threshold for such transactions will be Rs 50,000. Bill payment for services and products through ATMs or any other methods have the same thresholds.
With the increase in comments regarding previous limits on digital transactions, NRB has made a positive amendment to provide the users with enough threshold transaction limits. This action of NRB is a step towards proper digital transactions in Nepal.