Connect IPS’s transaction fee decreases to a maximum of Rs. 8!
Nepal Clearing House (NCH) has decreased the transaction fee incurred while making payments. With this update, users of Connect IPS will be charged with a fee of Rs 2 to Rs 8 per transaction on bank transfers and payments. Specifically, the users will be charged Rs 2 for transactions amounting to Rs 500, Rs 4 on transactions ranging between Rs 500 and Rs 5000, and Rs 8 on transactions above Rs 5000.
This service can be accessed through Connect IPS web page, mobile app, mobile banking app as well as internet banking.
As per the directions of Nepal Rastra Bank, NCH has changed the transaction fee on several occasions. Since, banks charge fees ranging from Rs 10 to Rs 30 on payments, this recent decrease in connect IPS fee is a move to encourage digital payment platforms in Nepal.
Connect IPS is rapidly increasing in popularity as the platform experienced a 225% increase in transaction amount within 4 months of the current fiscal year. On average, the daily number of transactions through connect IPS stands at 117,012 which amounts to Rs 8.3 billion.
