Kathmandu. Sanima Bank and NCHL have signed an agreement for Principal Membership of National Card Scheme (Nepal Pay Card) and NPS, NCS. The MoU was signed and exchanged in the presence of the high officials of both the companies.
According to the agreement, after the bank’s switch integration with NPS NCS, customers will be able to issue Nepal Pay Card and receive Nepal Pay transactions. So far, 33 other banks and financial institutions have joined NPS NCS as principal members, out of which 12 have started live operations.
NCHL has recently started the commercial rollout of Nepal Pay Card and in collaboration with its international network Discover, the Nepal Pay Card can be made available globally. With the launch of Nepal Pay under the National Payment Switch, Nepal Pay cards issued by the banks and financial institutions, payment service providers and payment system operators can be used at ATMs and POS terminals in Nepal and globally.
NPS NCS has been established as a Central Card Switch for the routing and settlement of domestic card transactions, maintaining interconnectedness between various card switches. The system is expected to reduce the cost of domestic card transactions, ensure data localization and promote the latest tools in the digital ecosystem. The implementation of NPS, NCS and Nepal Pay Card is expected to take the card ecosystem to a new height.
Each bank has also launched its own card switch to expand its various card-related products and services. Sanima Bank has been providing state-of-the-art banking services through a network of 106 branches, 28 extension counters and 127 ATM terminals all over the country.
