Residents of Nepal got the opportunity to make contactless NFC payments by connecting a smartphone to a special reader at a point of sale (POS) without the need for an Internet connection.
Nepal Clearing House Limited (NCHL) has launched the NepalPay Tap service in its ConnectIPS payment application. Last year, the company launched a way to make payments using a QR code in stores where an Internet connection is available. To do this, the NepalPay QR function is used in the firm’s mobile application.
Thanks to the new technological solution, the company’s customers no longer need to use the card for POS transactions. Now they can simply touch the device and make a payment, which is currently available through the ConnectIPS mobile app.
The NepalPay Tap limit is up to 5,000 rupees ($38) per transaction and can be controlled by the client. The company has implemented a new service with the support of Nepali Investment megabank and POS technology provider Citytech.
NCHL was founded in December 2008 with the direct participation of the central bank of the country. The company is a joint project involving Rastra Bank, commercial banks, development banks, financial companies, and Smart Choice Technologies (SCT), a private card exchange operator.
NCHL provides services that are somehow related to financial technologies. The company offers innovative financial solutions to individuals. The firm provides banks with products that help to increase the level of efficiency.
NCHL pursues strategic goals to create a variety of payment, clearing, and settlement systems in Nepal with the long-term goal of forming a national payment gateway to facilitate electronic payments within the country. Electronic Settlement Checks (NCHL-ECC) and the Interbank Payment System (NCHL-IPS) are national payment systems.
As we have reported earlier, the first legal cross-border QR payment solution available in Nepal.