January 11th, 2020, Kathmandu
The limit for monthly transactions through the mobile application of the Connect IPS payment system operated by Nepal Clearing House has been increased. According to the owners of Connect IPS, Nepal Clearing House, the existing transaction limit was fixed at Rs 1 lakh per month. But the company has decided to increase the limit to Rs 2 Lakh per month coming into effect from last Monday.
The company said that the monthly transaction limit has been added as per the directives of Integrated Directives 2076, dealing with information regarding payment system published by Nepal Rastra Bank.
However, the per transaction limit is still Rs. 50 thousand. The deadline for transactions from the Connect IPS website www.connectips.com is Rs. 10 lakh per transaction and Rs. 50 lakh per bank monthly has been retained.
Connect IPS e-Payment System is an integrated platform for online payment, which includes services such as online fund transfer, payment processor (gateway), credit card/bill payment.
Clients of member banks of Connect IPS, through this platform, can pay revenue of the government, payment of Public Service Commission application fee, amount of company registrar office, payment of passport fee, amount of civil investment fund, payment of social security fund, load fund on mobile wallets operated in Nepal, Pay shares to Nepse online trading and broker, travel agency payment, transparent school/college fees, insurance premiums payment and many more. Customers can connect more than one bank accounts to their Connect IPS account with an approved application from their banks and can efficiently perform inter-bank transactions from the platform.