22nd January 2023, Kathmandu
Retail Payment Switch (RPS), as part of the National Payment Switch, has processed transactions equivalent to NRs 1,800 Billion, during the first half of the current fiscal year 2079/80.
This is an increase of over 31% compared to the last year. The transaction volume has also increased by 25% during the first half of the fiscal year.
The average daily transaction of RPS has now reached over NRs 13.3 Billion, with around 60% of the transactions initiated from the National Payments Interface (NPI).
RPS is the real-time retail payment switch, as part of the NPS, that provides retail instruments and mechanisms for interconnection and interoperability between multiple retail payment systems and channels.
RPS transfers and service payments are available through mobile banking of BFIs, wallets of PSPs, app/ web or gateway of connect-IPS, CORPORATEPAY, and as open API to integrate with any back-office systems.
The majority of the RPS transactions are initiated from BFIs, PSPs, PSOs, Government entities, institutions, and other technical & indirect members that are integrated with RPS through NPI.
NPI is an open API platform that allows connecting with RPS and accessing multiple payments and other banking services.
Some of the recently added instruments of RPS include VPA-based payment, Request To Pay e-mandate-based pull transactions, interoperable NEPALPAY QR, biller gateway, wallet interoperability, and PSO settlements.
There are over 55 member BFIs within RPS. Depending on the channels from where the payments are initiated, the transaction limit in RPS is up to NRs 20 lakhs for Off-Us transactions and up to NRs 1 Crore for On-Us general transactions.
connect-IPS channels, which are also powered by RPS, allow fund transfers of up to Rs. 20 lakhs from its web application and up to Rs 2 lakhs from its mobile app.
connect-IPS provides the BFI customers to link and use multiple bank accounts from a single channel.
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