Kathmandu, Jan 9 . Nepal Clearing House Ltd. (NCHL) hasincreased the monthly transaction limit in the mobile app of its connectIPS e-payment system to NRs 2 Lakh from earlier NRs 1 Lakh, with effect from 6th Jan,2020, as per the new provision in Payment System Unified Directive published by Nepal Rastra Bank (NRB) and other transaction limits remaining unchanged. Current per transaction limit of connectIPS mobile app is NRs 50,000. Per transaction limit of connectIPS web (www.connectips.com) is NRs 10 Lakh and monthly limit per bank is NRs 50 Lakh.
connectIPS e-payment system is a standardized single payments platform for online payments which includes online fund transfer, payment processor (gateway) and creditor/biller payments, which is currently being used by over 55 BFIs.
Some of the services that are on-boarded on the platform by the member BFIs including Government tax payment, Loksewa application fee, Office of Company Registrar payments, Passport payment, CIT loan repayment, Social Security Fund payment, credit card bill payments, mobile wallet top-up, NEPSE online trading, broker & capital market related payments, travel agency payments, school/colleges, insurance payments and similar.
The increase is the limit is expected to provide additional convenience to the end customers of the banks & financial institutions (BFIs) for engaging in the bank account based digital transactions.