NIC Asia Bank and NCHL have signed an agreement to become a principal member of the NPS–NCS and the domestic card scheme known as NepalPay Card. The agreement was signed by Sujit Kumar Shakya, the CEO of NIC Asia Bank, and Nilesh Man Singh Pradhan, the CEO of NCHL.
NCHL recently announced that the NPS–NCS infrastructure is now ready. After this, the company asked banks and financial institutions to integrate their systems so they can issue and accept Nepal’s own domestic NepalPay cards. Following this request, many banks and financial institutions have started joining the NPS–NCS network and the NepalPay Card system.
After the commercial rollout of the NepalPay infrastructure, NIC Asia Bank will be able to issue NepalPay cards to its customers and also provide card acceptance services.
The NPS–NCS is being set up as a central card switch. It will connect different card networks and handle the routing and settlement of domestic card transactions.
Once this system is fully implemented, it is expected to reduce the cost of domestic card transactions, ensure data stays within the country, and help develop and promote new tools in Nepal’s digital ecosystem.
