Kathmandu, April 2
Transactions of up to Rs 500 through mobile banking, wallets, and Connect IPS will no longer be subject to fees.
The Nepal Clearing House Limited (NCHL) announced the fee revision on Wednesday, implementing the change under the Retail Payment Switch (RPS) system. The fee structure will now be based on transaction limits.
According to the revised system, fund transfers of up to Rs 500 via mobile banking, Connect IPS (mobile app and website), and wallets will be free of charge. For transactions between Rs 500 and Rs 5,000, a fee of Rs 4 will apply, while transactions above Rs 5,000 will incur a fee of Rs 8.
Similarly, merchant payments will also be subject to fees. Payments of up to Rs 500 will have a fee of Rs 2, while payments between Rs 500 and Rs 5,000 will be charged Rs 4. For payments exceeding Rs 5,000, an Rs 8 fee will be applicable.
NCHL has clarified that customers will not be charged for transactions where the service provider or merchant covers the fees.
With increasing transaction volumes, NCHL has been adjusting transaction fees accordingly. Under the RPS system, a total of Rs 5,697 billion was settled across 756 million transactions in the last fiscal year. In the first eight months of the current fiscal year, transactions worth Rs 4,553 billion across 683 million transactions have already been settled.
Currently, 52 banks and financial institutions offer fund transfer services through mobile banking apps via RPS and Connect IPS. Additionally, over 13 wallets provide cash-in and cash-out services linked to bank accounts.
