Nepal Clearing House Limited (NCHL), a company promoted by Nepal Rastra Bank and Bank & Financial Institutions, has officially launched connectIPS e-Payment System during a program organized at Soaltee Crowne Plaza, on Friday, 26 October 2018.
The system was officially unveiled during the program by Finance Minister Dr. Yuba Raj Khatiwada in presence of the distinguished guests Governor Dr. Chiranjivi Nepal, and Revenue Secretary at Ministry of Finance Mr. Sishir Prasad Dhungana.
What is connect IPS e-Payment System?
connect IPS e-Payment System is a standardized single payments platform that facilitates online payment directly from/to the bank account of the customers. The system was initially soft-launched by piloting the online government revenue collection payments and online fund transfer.
The service now can be availed by the customers of the member BFIs from www.connectips.com for the enrollment where they have to link their bank account(s) with one-time verification from their respective bank(s) after which they can use the system for the services including online fund transfer, government revenue payments and creditor payments. The system has now been extended with new services such as credit card bill payments, mobile wallet top-up, and share brokers payments through both online (web) versions and mobile applications. The per transaction limit for online payment is NRs 1,00,000 and up to NRs. 5,000 through the mobile app.
The connect IPS e-Payment system has already been subscribed by 44 banks and financial institutions among which 32 are now in operations and the company is still in the process of adding more banks to its network. And with an objective to establish connect IPS e-Payment System as a single payments platform, it has now extended the payments infrastructure access to the Payment Service Providers (PSPs) also.
With the complete operation of connectIPS with NCHL-IPS system, the company believes that it will support in strengthening the financial market infrastructure for payment systems in Nepal and will facilitate for processing of expenses and revenue of the Government of Nepal.
Khalti joins connect IPS e-Payment System
Khalti has recently signed an agreement with NCHL. Now, users of Khalti can load funds to their Khalti wallet directly from connect IPS e-Payment System.
How to use connect IPS e-Payment System?
Follow these 3 simple steps to enroll in connect IPS e-Payment System:
1. Go to www.connectips.com and enroll as a user
2. Link your bank account
3. Verify and activate the linked account from your respective bank
After completion of these 3 simple steps, you are all set to load funds into your Khalti wallet using connect IPS e-Payment System and make cashless payments for goods and services.