Nepal Clearing House Limited (NCHL) has announced a fee waiver for fund transfers up to Rs 500 through the Retail Payment Switch (RPS), in a move aimed at promoting small-value digital transactions.
According to NCHL, transfers up to Rs 500 made via Connect IPS—through its web or mobile app, mobile banking services of banks and financial institutions, and mobile wallets—are now completely free. This provision has been in effect on Connect IPS since April 1.
The company added that once banks, financial institutions, and wallet providers complete the necessary system updates, the fee waiver will also apply to transactions made through mobile banking apps and wallets.
The existing fee structure of Rs 2 and Rs 8, based on transaction amounts, will continue for other payments conducted via the Interbank Retail Payment Switch (IRPS).
During the first eight months of the current fiscal year, RPS handled transactions worth Rs 4,553 billion across 68.3 million transfers. Currently, 52 banks and financial institutions offer fund transfer services through RPS/Connect IPS via their mobile apps, and 13 digital wallets provide cash-in and cash-out services linked to bank accounts.
