Nepal's Retail Payment Switch Hits Rs. 57 Kharba in Transactions for FY 2080/81

In FY 2080/81, the retail payment switch under Nepal's National Payment Switch facilitated transactions totaling NPR 57 Kharba, showing a 49% increase in transaction numbers and a 38% rise in transaction amounts compared to the previous year. The Retail Payment Switch (RPS) handles all transactions electronically, with most small transactions processed in real-time.

This system includes mobile banking, payment service provider wallets, capital markets, insurance, remittances, and government transactions, integrated through the National Payment Interface (NPI). Platforms like ConnectIPS and real-time bank branch transactions are also processed through RPS.

Approved by Nepal Rastra Bank and operated by NCHL since FY 2078/79, RPS supports various payment tools and is developing cross-border payment capabilities. Currently, 52 banks, 22 payment service providers, 2 payment system operators, over 100 organizations, and the Government of Nepal are connected to RPS. Additionally, efforts are underway to integrate the National Card Switch (NPS-NCS) / NEPALPAY Card for better card transaction interoperability within Nepal.