Connect IPS Gains Monthly Transaction Crosses NPR 10 Billion Mark

Nepal Clearing House connectIPS e-Payment System has reached monthly transaction value

17 January 2020, Kathmandu

The monthly turnover through the Connect IPS e-payment system operated by Nepal Clearing House Limited (NCHL) has reached Rs. 12 Arba 5 Crore.

Connect IPS, which came into new operations since last year, has the highest turnover in the month of Poush. The total number of transactions made through the Connect IPS e-payment system has reached 6,50,142. In view of the settlement amount, the total turnover is Rs. 42 Arba 48 Crore.

NCHL has said that the increase in business will confirm the acceptance of real-time retail payment system based on bank account in Nepal. The Connect IPS e-payment system is an integrated payment platform online. It has facilities like online fund transfer, payment processor (gateway), credit card/bill payment.

On this platform, the subscribers of the member banks can avail the services including funds transfer, Government revenue payment, payment of company registrar office, payment, Public Service Commission application fee payment, passport fees, payment of civic investment funds, payment of Social Security Fund, Fund load on mobile wallet, Nepse online trading and payment to share broker, Travel Agency Payment, Fee payment for various schools/college and insurance payments. On a shorter note, NCHL provides inter-bank transaction services and other payment systems that have seen an exponential growth of users in recent times.

NCHL is operating electronic check payment, inter-bank payment system and Connect IPS e-payment system. Just into Poush of the fiscal year 2076/77, the total transactions for NCHL has increased to 81249 which amounts to Rs. 42 Arba 17 settlement amount through this system. This is an increase of 26 percent over last year.

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