Kathmandu, Oct 26: Minister for Finance
Dr. Yuba Raj Khatiwada on Friday said that the electronic payment and revenue
collection system should be applied at all levels of government.
Launching connectIPS e-Payment System
developed by Nepal Clearing House Limited (NCHL) in the capital, he said that
the new technology should be simple and accessible so that all the governments,
businesses and individuals could benefit from it.
“The new technology should be efficient,
immediate and cost-effective while being secure at the same time. Therefore,
you need to establish the system first,” he said.
He also said that the government was
planning to implement the smart identity card from the beginning of the Fiscal
Year 2019/20. “This card will replace all other personal identification
documents combined, so preparation should be made to apply e-payment system
fully by then,” said Dr. Khatiwada.
The newly launched connectIPS e-Payment
System has combined various features of online banking and payment. Its
features include mobile wallet top up, online fund transfer, government revenue
payment, share broker payment, credit card payment, creditor/biller payment,
multiple bank accounts and payment processor.
“It is a convenient, trusted and secure
system that will help banks and financial institutions, businesses and
individuals,” said Nilesh Man Singh Pradhan, Chief Executive Officer of the
NCHL.
connectIPS
is a standardised single payments platform that facilitates online payment
directly from/to the bank account of the customers.
“The service now can be availed by the customers of
the member Banks and Financial Institutions (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,” said Pradhan.
The system has now been extended with the new
services such as credit card bill payments, mobile wallet top-up and share
brokers payments through both online (web) version and mobile application.
Per transaction limit for online payment is Rs.
100,000 and up to Rs. 5,000 through mobile application.
According to Pradhan, the connectIPS 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 within its network.
And with an objective to establish connectIPS as a single payments
platform, it has now extended the payments infrastructure access to the Payment
Service Providers (PSPs) as well.
Governor of the Nepal Rastra Bank (NRB)
Dr. Chiranjibi Nepal asked all the BFIs to use online banking and electronic
transaction.
“Without promoting electronic payment
system, BFIs and businesses will not prosper in the days to come. To make it
even more effective, we are holding dialogues with the telecom companies,” he
said.
He also said that the NCHL should run an
awareness campaign to educate people and companies about the product.
“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,” said Jhalak Sharma Acharya, Chairman of the company.
NCHL is a company promoted by Nepal Rastra Bank and BFIs.
Published in The Rising Nepal daily on 27 October 2018.
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