May 28, 2020, Kathmandu
The government of Nepal will be implementing the National Payment Gateway from the upcoming fiscal year 2077/78.
The Hon’ble Finance Minister of Nepal, Yubraj Khatiwada made this announcement in the fiscal year budget. We already know from the announcements made previously, this fiscal year, the government is planning to focus mostly on digital platforms.
What is the National Payment Gateway?
The National Payment Gateway is a digital payment system that securely transfers the amount in the bank account of the specific vendor or seller. This payment gateway is a bid to conduct regular monitoring of the digital payment system in Nepal.
Under this service, all kinds of payment will be monitored. For example, payments of VAT, Income Tax, and Excise Duty.
Will it be Secure & Reliable?
Digital payment is basically a way to eliminate cash transactions and gradually move into a virtual cash transaction as we perform with eSewa and Khalti.
Private sectors and local individuals practice a cashless payment right now. However, after the announcement of the NPG, all the national level organizations will be practicing cashless transactions as well.
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