Agreement for Principal Membership of NPS-NCS and 'NepalPay Card'
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An agreement has been signed between Manjushree Finance and NCHL for principal membership of NPS – National Card Switch (NCS) and Domestic Card Scheme (NepalPay Card). The agreement was signed by Deputy Chief Executive Officer Padam Thakulla on behalf of Finance and Chief Executive Officer Nileshman Singh Pradhan on behalf of NCHL.
NCHL has recently announced that the infrastructure preparation of NPS-NCS has been completed and it will provide banks and financial institutions with Nepal's own domestic card scheme for issuing and acquiring NepalPay cards. your With the request to integrate the switch, banks and financial institutions are joining NPS-NCS and NepalPay cards. After the commercial rollout of NepalPay infrastructure, Manjushree Finance will be able to issue and acquire the card for customers.
NPS-NCS is established as a central card switch for the routing and settlement of domestic card transactions by maintaining interconnection between different card switches. After the full implementation of the said system, it is expected to reduce the cost of domestic card transactions, ensure data localization and develop and promote the latest tools in the digital ecosystem.
NCHL has been serving more than 54 banks and financial institutions, most PSOs and PSPs, and more than 100 non-banking members by operating various national payment systems . The implementation of NPS-NCS and 'NepalPay Card' will help Nepal's card ecosystem. It is expected to reach further heights .
