PRABHU Bank To Switch Co-Operation From NEPS To Union Pay Card

PRABHU Bank To Switch Co-Operation From NEPS To Union Pay Card
Share It On:

December 12, 2019, Kathmandu

On September 1, five Chinese nationals were arrested for using cloned debit cards to withdraw cash from the ATM Booth of Durbar Marg.

Following the incident, various security issues arise for the NEPS and banking sector of Nepal. NEPS is formulated to establish a platform for new technologies in electronic payment. After the hack NEPS services has been interrupted for a few weeks but with the support of Rastra Bank, it continues to give its services to the people.

However, after the incident, the banks that had been working under NEPS get insecure of the system. Prabhu Bank Limited is planning to lunch the ‘Union Pay’ card from the first of Maagh after the hacker hacked the system.

It is said that Prabhu Bank is cooperating with Smart Choices Technology by leaving NEPS. And the bank is replacing all the old cards with a new one.

Chief Executive Officer of the bank Ashok Sherchan said, “we are issuing a new card now and we will replace it with all the union cards. The Prabhu Bank will maintain cooperation with the Visa Network Union Pay runs smoothly in India like in Nepal. Previously, 18 banks were getting their services from NEPS:

  1. Bank of Kathmandu
  2. Citizen Bank
  3. Dev Development Bank
  4. Apex Development Bank
  5. Global IME
  6. Janata Bank
  7. Jyoti Bikash Bank
  8. LumbiniBikas Bank
  9. Machhapuchhre Bank
  10. Nepal Bangladesh Bank
  11. NIC Asia
  12. Om Development Bank
  13. Prabhu Bank
  14. Prime Bank
  15. Shangrila Bank
  16. Shine Resunga Bank
  17. Siddartha Bank
  18. Sunrise Bank

Now, with the Prabhu Bank deciding to leave the NEPS, other banks are also trying to switch its services from others.

NEPS has not yet been able to disclose the mistakes. In addition, there comes a risk of such an attack. That is why the bank has issued a union pay card so that the bank does not cause any further damage due to NEPS.

“As it is still anonymities of how much data has been stolen from NEPS. So instead of taking risks, we feel safer going into the new system” as per the bank sources. Union Pay and Visa Networks are two different competitors. However, the service fee of Union Pay is lower than the visa. The service provider has to pay even if the customer does not have to pay. According to NEPS, Singapore’s forensic team is responsible for investigating the damages and how the system was at risk but it has not reported yet. When they should have been reporting just over a month ago.


Share It On:

Recent Posts

Kamana Sewa Bank’s 18th Anniversary Cleanliness Drive: Honoring Nepal’s Cultural Heritage

Kamana Sewa Bank’s 18th Anniversary Cleanliness Drive: Honoring Nepal’s Cultural

Share It On:8th November, Kathmandu To celebrate its 18th anniversary, Kamana Sewa Development Bank conducted a nationwide cleanliness campaign at

Hyundai Ioniq 5 EV Now Available in 100 kW Variant in Nepal – Book Your Premium Electric Vehicle Today

Hyundai Ioniq 5 EV Now Available in 100 kW Variant

Share It On: 8th November 2024, Kathmandu Hyundai, through its official distributor Laxmi Intercontinental, has introduced an upgraded version of

Alipay+ Partners NEPALPAY QR: Seamless Cross-Border Payments in Nepal

Alipay+ Partners NEPALPAY QR: Seamless Cross-Border Payments in Nepal

Share It On:8th November 2024, Kathmandu Nepal Clearing House Limited (NCHL), a prominent operator driving the majority of the digital

Call For Fellowship Applications 2024: National School on Internet Governance and Digital Rights

Call For Fellowship Applications 2024: National School on Internet Governance

Share It On:8th November 2024, Kathmandu The Digital Rights Festival is set to take place from December 1-3, 2024, providing

DRN & OONI Join Forces to Combat Internet Censorship in Nepal

DRN & OONI Join Forces to Combat Internet Censorship in

Share It On:8th November 2024, Kathmandu Digital Rights Nepal (DRN) is proud to announce a new partnership with the Open

Niriv: Nepal’s First Homegrown Search Engine and Digital Platform Launched in Biratchowk

Niriv: Nepal’s First Homegrown Search Engine and Digital Platform Launched

Share It On:8th November 2024, Kathmandu Niriv, Nepal’s first locally developed search engine and digital platform, is set to transform