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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Clearing House Limited (NCHL), which has been authorised by Nepal Rastra Bank (NRB) to prepare the switch, informed New Business Age that its technical report has been almost finalized.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">NCHL Chairman Naresh Shakya said that the report will be presented to the Payments System Department of NRB in two to three days after internal discussion. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Shakya, all the electronic payment systems prevalent in the market including IPS, ConnectIPS, QR Code, debit and credit cards among others will be integrated in the national switch.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya said that the technical report will be submitted to the central bank after a board meeting of the NCHL. The company is preparing to hire additional technical staff to complete the work.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya informed that NCHL will only look after the technical aspect of the national payment switch while the legal issues, regulation and business aspects will be dealt with by the central bank.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Banks and financial institutions (BFIs) have been paying hefty price for digital transaction through international payment gateway like Visa and MasterCard due to lack of Nepal’s own payment gateway. The switch is crucial for connecting all the institutions involved in electronic transaction.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Currently, banks have been relying on international switch for the payment through debit and credit cards as well as for the use of ATMs. Some banks have made their own switch for this purpose.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Rastra Bank has been paying Rs 12 per transaction to the operators of foreign switch, according to NRB Spokesperson Gunakar Bhatta.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Clearing House Limited (NCHL), which has been authorised by Nepal Rastra Bank (NRB) to prepare the switch, informed New Business Age that its technical report has been almost finalized.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">NCHL Chairman Naresh Shakya said that the report will be presented to the Payments System Department of NRB in two to three days after internal discussion. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Shakya, all the electronic payment systems prevalent in the market including IPS, ConnectIPS, QR Code, debit and credit cards among others will be integrated in the national switch.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya said that the technical report will be submitted to the central bank after a board meeting of the NCHL. The company is preparing to hire additional technical staff to complete the work.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya informed that NCHL will only look after the technical aspect of the national payment switch while the legal issues, regulation and business aspects will be dealt with by the central bank.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Banks and financial institutions (BFIs) have been paying hefty price for digital transaction through international payment gateway like Visa and MasterCard due to lack of Nepal’s own payment gateway. The switch is crucial for connecting all the institutions involved in electronic transaction.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Currently, banks have been relying on international switch for the payment through debit and credit cards as well as for the use of ATMs. Some banks have made their own switch for this purpose.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Rastra Bank has been paying Rs 12 per transaction to the operators of foreign switch, according to NRB Spokesperson Gunakar Bhatta.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Clearing House Limited (NCHL), which has been authorised by Nepal Rastra Bank (NRB) to prepare the switch, informed New Business Age that its technical report has been almost finalized.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">NCHL Chairman Naresh Shakya said that the report will be presented to the Payments System Department of NRB in two to three days after internal discussion. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Shakya, all the electronic payment systems prevalent in the market including IPS, ConnectIPS, QR Code, debit and credit cards among others will be integrated in the national switch.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya said that the technical report will be submitted to the central bank after a board meeting of the NCHL. The company is preparing to hire additional technical staff to complete the work.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya informed that NCHL will only look after the technical aspect of the national payment switch while the legal issues, regulation and business aspects will be dealt with by the central bank.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Banks and financial institutions (BFIs) have been paying hefty price for digital transaction through international payment gateway like Visa and MasterCard due to lack of Nepal’s own payment gateway. The switch is crucial for connecting all the institutions involved in electronic transaction.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Currently, banks have been relying on international switch for the payment through debit and credit cards as well as for the use of ATMs. Some banks have made their own switch for this purpose.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Rastra Bank has been paying Rs 12 per transaction to the operators of foreign switch, according to NRB Spokesperson Gunakar Bhatta.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Clearing House Limited (NCHL), which has been authorised by Nepal Rastra Bank (NRB) to prepare the switch, informed New Business Age that its technical report has been almost finalized.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">NCHL Chairman Naresh Shakya said that the report will be presented to the Payments System Department of NRB in two to three days after internal discussion. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Shakya, all the electronic payment systems prevalent in the market including IPS, ConnectIPS, QR Code, debit and credit cards among others will be integrated in the national switch.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya said that the technical report will be submitted to the central bank after a board meeting of the NCHL. The company is preparing to hire additional technical staff to complete the work.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya informed that NCHL will only look after the technical aspect of the national payment switch while the legal issues, regulation and business aspects will be dealt with by the central bank.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Banks and financial institutions (BFIs) have been paying hefty price for digital transaction through international payment gateway like Visa and MasterCard due to lack of Nepal’s own payment gateway. The switch is crucial for connecting all the institutions involved in electronic transaction.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Currently, banks have been relying on international switch for the payment through debit and credit cards as well as for the use of ATMs. Some banks have made their own switch for this purpose.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Rastra Bank has been paying Rs 12 per transaction to the operators of foreign switch, according to NRB Spokesperson Gunakar Bhatta.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Clearing House Limited (NCHL), which has been authorised by Nepal Rastra Bank (NRB) to prepare the switch, informed New Business Age that its technical report has been almost finalized.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">NCHL Chairman Naresh Shakya said that the report will be presented to the Payments System Department of NRB in two to three days after internal discussion. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Shakya, all the electronic payment systems prevalent in the market including IPS, ConnectIPS, QR Code, debit and credit cards among others will be integrated in the national switch.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya said that the technical report will be submitted to the central bank after a board meeting of the NCHL. The company is preparing to hire additional technical staff to complete the work.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya informed that NCHL will only look after the technical aspect of the national payment switch while the legal issues, regulation and business aspects will be dealt with by the central bank.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Banks and financial institutions (BFIs) have been paying hefty price for digital transaction through international payment gateway like Visa and MasterCard due to lack of Nepal’s own payment gateway. The switch is crucial for connecting all the institutions involved in electronic transaction.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Currently, banks have been relying on international switch for the payment through debit and credit cards as well as for the use of ATMs. Some banks have made their own switch for this purpose.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Rastra Bank has been paying Rs 12 per transaction to the operators of foreign switch, according to NRB Spokesperson Gunakar Bhatta.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Shakya, all the electronic payment systems prevalent in the market including IPS, ConnectIPS, QR Code, debit and credit cards among others will be integrated in the national switch.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya said that the technical report will be submitted to the central bank after a board meeting of the NCHL. The company is preparing to hire additional technical staff to complete the work.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya informed that NCHL will only look after the technical aspect of the national payment switch while the legal issues, regulation and business aspects will be dealt with by the central bank.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Banks and financial institutions (BFIs) have been paying hefty price for digital transaction through international payment gateway like Visa and MasterCard due to lack of Nepal’s own payment gateway. The switch is crucial for connecting all the institutions involved in electronic transaction.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Currently, banks have been relying on international switch for the payment through debit and credit cards as well as for the use of ATMs. Some banks have made their own switch for this purpose.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Rastra Bank has been paying Rs 12 per transaction to the operators of foreign switch, according to NRB Spokesperson Gunakar Bhatta.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Clearing House Limited (NCHL), which has been authorised by Nepal Rastra Bank (NRB) to prepare the switch, informed New Business Age that its technical report has been almost finalized.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">NCHL Chairman Naresh Shakya said that the report will be presented to the Payments System Department of NRB in two to three days after internal discussion. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Shakya, all the electronic payment systems prevalent in the market including IPS, ConnectIPS, QR Code, debit and credit cards among others will be integrated in the national switch.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya said that the technical report will be submitted to the central bank after a board meeting of the NCHL. The company is preparing to hire additional technical staff to complete the work.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya informed that NCHL will only look after the technical aspect of the national payment switch while the legal issues, regulation and business aspects will be dealt with by the central bank.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Banks and financial institutions (BFIs) have been paying hefty price for digital transaction through international payment gateway like Visa and MasterCard due to lack of Nepal’s own payment gateway. The switch is crucial for connecting all the institutions involved in electronic transaction.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Currently, banks have been relying on international switch for the payment through debit and credit cards as well as for the use of ATMs. Some banks have made their own switch for this purpose.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Rastra Bank has been paying Rs 12 per transaction to the operators of foreign switch, according to NRB Spokesperson Gunakar Bhatta.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Clearing House Limited (NCHL), which has been authorised by Nepal Rastra Bank (NRB) to prepare the switch, informed New Business Age that its technical report has been almost finalized.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">NCHL Chairman Naresh Shakya said that the report will be presented to the Payments System Department of NRB in two to three days after internal discussion. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Shakya, all the electronic payment systems prevalent in the market including IPS, ConnectIPS, QR Code, debit and credit cards among others will be integrated in the national switch.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya said that the technical report will be submitted to the central bank after a board meeting of the NCHL. The company is preparing to hire additional technical staff to complete the work.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya informed that NCHL will only look after the technical aspect of the national payment switch while the legal issues, regulation and business aspects will be dealt with by the central bank.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Banks and financial institutions (BFIs) have been paying hefty price for digital transaction through international payment gateway like Visa and MasterCard due to lack of Nepal’s own payment gateway. The switch is crucial for connecting all the institutions involved in electronic transaction.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Currently, banks have been relying on international switch for the payment through debit and credit cards as well as for the use of ATMs. Some banks have made their own switch for this purpose.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Rastra Bank has been paying Rs 12 per transaction to the operators of foreign switch, according to NRB Spokesperson Gunakar Bhatta.</span></span></span></span></p>
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January 27: The technical aspect of setting up Nepal’s national payment switch to ensure safe and cost-effective electronic transactions is in the final phase of approval.
Nepal Clearing House Limited (NCHL), which has been authorised by Nepal Rastra Bank (NRB) to prepare the switch, informed New Business Age that its technical report has been almost finalized.
NCHL Chairman Naresh Shakya said that the report will be presented to the Payments System Department of NRB in two to three days after internal discussion.
According to Shakya, all the electronic payment systems prevalent in the market including IPS, ConnectIPS, QR Code, debit and credit cards among others will be integrated in the national switch.
Shakya said that the technical report will be submitted to the central bank after a board meeting of the NCHL. The company is preparing to hire additional technical staff to complete the work.
Shakya informed that NCHL will only look after the technical aspect of the national payment switch while the legal issues, regulation and business aspects will be dealt with by the central bank.
Banks and financial institutions (BFIs) have been paying hefty price for digital transaction through international payment gateway like Visa and MasterCard due to lack of Nepal’s own payment gateway. The switch is crucial for connecting all the institutions involved in electronic transaction.
Currently, banks have been relying on international switch for the payment through debit and credit cards as well as for the use of ATMs. Some banks have made their own switch for this purpose.
Nepal Rastra Bank has been paying Rs 12 per transaction to the operators of foreign switch, according to NRB Spokesperson Gunakar Bhatta.
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Clearing House Limited (NCHL), which has been authorised by Nepal Rastra Bank (NRB) to prepare the switch, informed New Business Age that its technical report has been almost finalized.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">NCHL Chairman Naresh Shakya said that the report will be presented to the Payments System Department of NRB in two to three days after internal discussion. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Shakya, all the electronic payment systems prevalent in the market including IPS, ConnectIPS, QR Code, debit and credit cards among others will be integrated in the national switch.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya said that the technical report will be submitted to the central bank after a board meeting of the NCHL. The company is preparing to hire additional technical staff to complete the work.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya informed that NCHL will only look after the technical aspect of the national payment switch while the legal issues, regulation and business aspects will be dealt with by the central bank.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Banks and financial institutions (BFIs) have been paying hefty price for digital transaction through international payment gateway like Visa and MasterCard due to lack of Nepal’s own payment gateway. The switch is crucial for connecting all the institutions involved in electronic transaction.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Currently, banks have been relying on international switch for the payment through debit and credit cards as well as for the use of ATMs. Some banks have made their own switch for this purpose.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Rastra Bank has been paying Rs 12 per transaction to the operators of foreign switch, according to NRB Spokesperson Gunakar Bhatta.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Clearing House Limited (NCHL), which has been authorised by Nepal Rastra Bank (NRB) to prepare the switch, informed New Business Age that its technical report has been almost finalized.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">NCHL Chairman Naresh Shakya said that the report will be presented to the Payments System Department of NRB in two to three days after internal discussion. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Shakya, all the electronic payment systems prevalent in the market including IPS, ConnectIPS, QR Code, debit and credit cards among others will be integrated in the national switch.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya said that the technical report will be submitted to the central bank after a board meeting of the NCHL. The company is preparing to hire additional technical staff to complete the work.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya informed that NCHL will only look after the technical aspect of the national payment switch while the legal issues, regulation and business aspects will be dealt with by the central bank.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Banks and financial institutions (BFIs) have been paying hefty price for digital transaction through international payment gateway like Visa and MasterCard due to lack of Nepal’s own payment gateway. The switch is crucial for connecting all the institutions involved in electronic transaction.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Currently, banks have been relying on international switch for the payment through debit and credit cards as well as for the use of ATMs. Some banks have made their own switch for this purpose.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Rastra Bank has been paying Rs 12 per transaction to the operators of foreign switch, according to NRB Spokesperson Gunakar Bhatta.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Clearing House Limited (NCHL), which has been authorised by Nepal Rastra Bank (NRB) to prepare the switch, informed New Business Age that its technical report has been almost finalized.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">NCHL Chairman Naresh Shakya said that the report will be presented to the Payments System Department of NRB in two to three days after internal discussion. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Shakya, all the electronic payment systems prevalent in the market including IPS, ConnectIPS, QR Code, debit and credit cards among others will be integrated in the national switch.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya said that the technical report will be submitted to the central bank after a board meeting of the NCHL. The company is preparing to hire additional technical staff to complete the work.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya informed that NCHL will only look after the technical aspect of the national payment switch while the legal issues, regulation and business aspects will be dealt with by the central bank.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Banks and financial institutions (BFIs) have been paying hefty price for digital transaction through international payment gateway like Visa and MasterCard due to lack of Nepal’s own payment gateway. The switch is crucial for connecting all the institutions involved in electronic transaction.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Currently, banks have been relying on international switch for the payment through debit and credit cards as well as for the use of ATMs. Some banks have made their own switch for this purpose.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Rastra Bank has been paying Rs 12 per transaction to the operators of foreign switch, according to NRB Spokesperson Gunakar Bhatta.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Clearing House Limited (NCHL), which has been authorised by Nepal Rastra Bank (NRB) to prepare the switch, informed New Business Age that its technical report has been almost finalized.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">NCHL Chairman Naresh Shakya said that the report will be presented to the Payments System Department of NRB in two to three days after internal discussion. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Shakya, all the electronic payment systems prevalent in the market including IPS, ConnectIPS, QR Code, debit and credit cards among others will be integrated in the national switch.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya said that the technical report will be submitted to the central bank after a board meeting of the NCHL. The company is preparing to hire additional technical staff to complete the work.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya informed that NCHL will only look after the technical aspect of the national payment switch while the legal issues, regulation and business aspects will be dealt with by the central bank.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Banks and financial institutions (BFIs) have been paying hefty price for digital transaction through international payment gateway like Visa and MasterCard due to lack of Nepal’s own payment gateway. The switch is crucial for connecting all the institutions involved in electronic transaction.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Currently, banks have been relying on international switch for the payment through debit and credit cards as well as for the use of ATMs. Some banks have made their own switch for this purpose.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Rastra Bank has been paying Rs 12 per transaction to the operators of foreign switch, according to NRB Spokesperson Gunakar Bhatta.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Clearing House Limited (NCHL), which has been authorised by Nepal Rastra Bank (NRB) to prepare the switch, informed New Business Age that its technical report has been almost finalized.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">NCHL Chairman Naresh Shakya said that the report will be presented to the Payments System Department of NRB in two to three days after internal discussion. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Shakya, all the electronic payment systems prevalent in the market including IPS, ConnectIPS, QR Code, debit and credit cards among others will be integrated in the national switch.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya said that the technical report will be submitted to the central bank after a board meeting of the NCHL. The company is preparing to hire additional technical staff to complete the work.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya informed that NCHL will only look after the technical aspect of the national payment switch while the legal issues, regulation and business aspects will be dealt with by the central bank.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Banks and financial institutions (BFIs) have been paying hefty price for digital transaction through international payment gateway like Visa and MasterCard due to lack of Nepal’s own payment gateway. The switch is crucial for connecting all the institutions involved in electronic transaction.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Currently, banks have been relying on international switch for the payment through debit and credit cards as well as for the use of ATMs. Some banks have made their own switch for this purpose.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Rastra Bank has been paying Rs 12 per transaction to the operators of foreign switch, according to NRB Spokesperson Gunakar Bhatta.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p>
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'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 27: The technical aspect of setting up Nepal’s national payment switch to ensure safe and cost-effective electronic transactions is in the final phase of approval. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Clearing House Limited (NCHL), which has been authorised by Nepal Rastra Bank (NRB) to prepare the switch, informed New Business Age that its technical report has been almost finalized.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">NCHL Chairman Naresh Shakya said that the report will be presented to the Payments System Department of NRB in two to three days after internal discussion. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Shakya, all the electronic payment systems prevalent in the market including IPS, ConnectIPS, QR Code, debit and credit cards among others will be integrated in the national switch.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya said that the technical report will be submitted to the central bank after a board meeting of the NCHL. The company is preparing to hire additional technical staff to complete the work.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya informed that NCHL will only look after the technical aspect of the national payment switch while the legal issues, regulation and business aspects will be dealt with by the central bank.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Banks and financial institutions (BFIs) have been paying hefty price for digital transaction through international payment gateway like Visa and MasterCard due to lack of Nepal’s own payment gateway. The switch is crucial for connecting all the institutions involved in electronic transaction.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Currently, banks have been relying on international switch for the payment through debit and credit cards as well as for the use of ATMs. Some banks have made their own switch for this purpose.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Rastra Bank has been paying Rs 12 per transaction to the operators of foreign switch, according to NRB Spokesperson Gunakar Bhatta.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Clearing House Limited (NCHL), which has been authorised by Nepal Rastra Bank (NRB) to prepare the switch, informed New Business Age that its technical report has been almost finalized.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">NCHL Chairman Naresh Shakya said that the report will be presented to the Payments System Department of NRB in two to three days after internal discussion. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Shakya, all the electronic payment systems prevalent in the market including IPS, ConnectIPS, QR Code, debit and credit cards among others will be integrated in the national switch.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya said that the technical report will be submitted to the central bank after a board meeting of the NCHL. The company is preparing to hire additional technical staff to complete the work.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya informed that NCHL will only look after the technical aspect of the national payment switch while the legal issues, regulation and business aspects will be dealt with by the central bank.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Banks and financial institutions (BFIs) have been paying hefty price for digital transaction through international payment gateway like Visa and MasterCard due to lack of Nepal’s own payment gateway. The switch is crucial for connecting all the institutions involved in electronic transaction.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Currently, banks have been relying on international switch for the payment through debit and credit cards as well as for the use of ATMs. Some banks have made their own switch for this purpose.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Rastra Bank has been paying Rs 12 per transaction to the operators of foreign switch, according to NRB Spokesperson Gunakar Bhatta.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Clearing House Limited (NCHL), which has been authorised by Nepal Rastra Bank (NRB) to prepare the switch, informed New Business Age that its technical report has been almost finalized.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">NCHL Chairman Naresh Shakya said that the report will be presented to the Payments System Department of NRB in two to three days after internal discussion. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Shakya, all the electronic payment systems prevalent in the market including IPS, ConnectIPS, QR Code, debit and credit cards among others will be integrated in the national switch.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya said that the technical report will be submitted to the central bank after a board meeting of the NCHL. The company is preparing to hire additional technical staff to complete the work.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shakya informed that NCHL will only look after the technical aspect of the national payment switch while the legal issues, regulation and business aspects will be dealt with by the central bank.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Banks and financial institutions (BFIs) have been paying hefty price for digital transaction through international payment gateway like Visa and MasterCard due to lack of Nepal’s own payment gateway. The switch is crucial for connecting all the institutions involved in electronic transaction.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Currently, banks have been relying on international switch for the payment through debit and credit cards as well as for the use of ATMs. Some banks have made their own switch for this purpose.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal Rastra Bank has been paying Rs 12 per transaction to the operators of foreign switch, according to NRB Spokesperson Gunakar Bhatta.</span></span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p>
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