10th May 2023, Kathmandu

Electronic payment, also known as e-payment, refers to a method of making transactions using electronic channels instead of cash or physical checks.

This includes online transactions made through a website or mobile app. As well as transactions made using a debit or credit card, mobile wallet, or other electronic payment methods.

Electronic payment systems have become increasingly popular due to their convenience, speed, and security. They allow for rapid transaction processing, allowing buyers and sellers to conduct deals swiftly and efficiently.

There are several types of electronic payment systems available, including:

1. Card-based payments: Payments made with debit or credit cards are included. The card information is then entered into a POS terminal or an online payment gateway.
2. Mobile payments: This includes payments made using a mobile wallet, which stores payment information and enables users to make payments using their smartphones.
3. Bank transfers: This involves transferring funds directly from one bank account to another using an online banking platform or mobile app.
4. Digital currencies: This includes cryptocurrencies such as Bitcoin, which use blockchain technology to facilitate secure, decentralized transactions.

Electronic payment systems offer several advantages over traditional payment methods. They are fast, convenient, and accessible from anywhere with an internet connection. They also reduce the risk of fraud and theft associated with physical payment methods, as transactions are secured using encryption and other security measures.

These systems have become increasingly popular due to their convenience, speed, and security, and have transformed the way we make payments in the modern world.

NepalPay Request

NepalPay Request is a payment solution offered by Nepal Clearing House Limited (NCHL), a company that facilitates electronic payments in Nepal. This solution allows individuals and businesses to request payments from customers or clients using a unique payment link, making it easier and more convenient to collect payments.

To use NepalPay Request, a user must first create a payment link by logging into the NepalPay web portal or mobile app. The user can then enter the payment amount, select the currency, and add a description of the payment request. The user can also set a deadline for the payment and choose to send a reminder to the customer if the payment is not received by the deadline.

Once the payment link is created, the user can share it with the customer via email, social media, or other communication channels. The customer can then click on the link to open a payment page where they can enter their payment details, such as their name, email address, and payment method. The payment can be made using various payment options, including debit and credit cards, bank transfers, and mobile wallets.

After the payment is made, the user receives a notification and the payment is credited to their NepalPay account. The user can then transfer the funds to their bank account or use them to make other payments.

NepalPay Request offers several benefits for businesses and individuals who need to collect payments. It simplifies the payment collection process and reduces the need for manual payment methods such as cash and checks. It also offers a secure and reliable way to collect payments, with built-in fraud prevention and security measures.

Furthermore, NepalPay Request is an efficient and cost-effective payment solution. The service charges a small transaction fee for each payment received, which is significantly lower than the costs associated with traditional payment methods. Additionally, the service reduces the administrative burden of managing payments and eliminates the need for physical payment collection and processing.

Overall, NepalPay Request is a convenient, secure, and cost-effective payment solution for businesses and individuals in Nepal. With its user-friendly interface and a range of payment options, it offers an efficient and reliable way to collect payments and manage finances.

How to Use?

The NEPALPAY Request is a new feature added to NPI via connectIPS that allows pulling transactions between participating members. It is powered by the National Payment Switch (NPS) Retail Payment Switch.

This feature of NEPALPAY Request, which is now available through the connectIPS online interface for users, allows the receiver (the creditor) to initiate a payment transaction for a real-time debit of the required amount as a pull transaction.

NPI supports pull (debit) transactions through connectIPS as Request-To-Pay once the receiver (the creditor) initiates the NEPALPAY Request, corresponding to which the debit instruction will be initiated after the debtor customer’s authorization is obtained against such request. The service is now available to connectIPS users via the connectIPS web interface and will be expanded to other channels in the near future.

How the receiver initiates a NEPALPAY Request:

• Enter your Username and Password into www.connectips.com.
• Select NEPALPAY Request from the list of possible options under Fund Transfer.
• Fill in the needed Payer information and pick the account into which the funds are to be deposited before clicking Submit.
• Check the details again and confirm the request.

How the Payer approves the Request received:

• Enter your Username and Password into www.connectips.com.
• Select NEPALPAY Request from the list of available options under Fund Transfer and then click Request Received.
• Recheck the information and then click Send Amount.
• Select the account to be debited and press the Submit button.
• Recheck the information and then click the Make Payment button.
• Use your Transaction Password and/or the OTP sent to your registered cellphone number and email address.
• To complete the fund transfer, click Continue.

Transaction Amount Slab-based Fee Structure for general customers of BFIs and PSPs is as follows:  

The charges apply when initiating a fund transfer from connectIPS web, mobile app, member bank/financial institution alternate channels of mobile & internet banking, Cash In / Out in various member wallets (PSPs), and various service payments where the end user is required to pay.

The Inland Revenue tax payment of the Government of Nepal is already cross-subsidized at NRs 2-5. For more information, see connectIPS Fees and Charges>.

What is the transaction limit for NEPALPAY Request?  

*Limit is per user per bank
*Respective banks and financial institutions may have different limits as per their internal policy
*Limit may change with /without notice as per Nepal Rastra Bank directive