Kathmandu. The Retail Payment Switch (RPS), a part of the National Payment Switch, has achieved a new milestone in Nepal’s digital payments ecosystem, settling more than 1200 billion transactions in the month of Ashad 2083 alone. With digital payments growing rapidly across the country, it has also established Nepal as one of the emerging economies for real time payments. In the financial year 2082\/83 (2025\/26), Rs. \u20b993 trillion worth of real-time transactions have been settled, which is more than the total amount of transactions made through cheques compared to the same period. <\/p>\n
It highlights the growing trust in interconnected digital payment systems among individuals, businesses, financial service providers (IFPs) and government agencies and highlights the growing role of payment infrastructures in strengthening the digital economy as Nepal is gradually evolving. <\/p>\n
This achievement not only reflects a surge in the number of digital transactions but also reflected the maturity of Nepal’s inter-connected payment system. The retail payment switch platform has proven to be a critical national financial infrastructure capable of safe, reliable and large scale transactions. The RPS launched in November 2021 is being implemented and operated by NCHL as per the directives of Nepal Rastra Bank as a part of the National Payment Switch. <\/p>\n
RPS, developed as a common national payment infrastructure, provides secure, real-time and bank account-based payment services to banks, financial institutions, Payment Service Providers (PSOs), Payment System Operators (PSPs) and government entities. <\/p>\n
Currently, RPS is an integrated transaction processing platform for various interconnected payment services enabling Nepal’s digital economy. <\/p>\n
These services include real-time account-to-account transfer, inter-linked NepalPay QR payments, mobile banking and digital wallet payments through NPI, online merchant payments, utility and bill payments through biller gateway, request to pay through NEPALPAY Request, VPA-based transfer through NEPALPAY Instant, secure account tokenization, NFC-based account-to-account payment through NEPALPAY Tap and multilateral net settlement integrated with the RTGS system. NPS has been promoting innovation in the overall financial system by eliminating the need for multiple payment networks to integrate such multiple payment instruments into a common infrastructure. <\/p>\n
Interconnected real-time payment systems are also establishing themselves as a strategic national infrastructure across the globe. India’s UPI, Brazil’s PIX, Thailand’s PromptPay, Singapore’s PayNow, Malaysia’s DuitNow and Indonesia’s BI-FAST have already proven that common payment infrastructure can accelerate digital trade, expand financial inclusion, and encourage innovation. <\/p>\n
Nepal’s National Payments Switch, built upon this concept, has been developed as an interconnected platform for connecting banks, financial service providers, businesses, government agencies and fintech innovators through a common standard. Although the size of Nepal’s economy is small compared to many of these countries, it is rapidly establishing itself as a key component of modern digital public infrastructure building that supports long-term economic growth.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. The Retail Payment Switch (RPS), a part of the National Payment Switch, has achieved a new milestone in Nepal’s digital payments ecosystem, settling more than 1200 billion transactions in the month of Ashad 2083 alone. With digital payments growing rapidly across the country, it has also established Nepal as one of the emerging economies […]<\/p>\n","protected":false},"author":9,"featured_media":309775,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45117,45159],"tags":[],"class_list":["post-309777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bank-finance-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/309777","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=309777"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/309777\/revisions"}],"predecessor-version":[{"id":309778,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/309777\/revisions\/309778"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/309775"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=309777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=309777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=309777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}