National Payment Gateway in Nepal
Payment gateway is a third-party between merchants and customers that securely take the money from customers and send it to merchant’s’ bank account.
Payment gateways are an important infrastructure for online payments. Various online e-commerce sites are now doing business in the market. Banks are working in different ways and online payment service providers are working in coordination with different agencies.
National Payment Gateway In Nepal
Nepal Rastra Bank (NRB) is preparing to introduce a national payment gateway in a bid to conduct a regular monitoring of the digital payment system.
Nepal’s National Payment System(NPS) is a national Payment Gateway in Nepal to enable fast and easy processing for payments explained here. It enables 24x7x365 processing of multiple payment methods in a secured PCI DSS environment.
The concept of National Payment Gateway in Nepal has been brought to bring it in one place and make the payments related to the government easy, simple and reliable without having to depend on many agencies.Since there is no payment gateway, there are now switches for payment. Necessary preparations are underway as per the plan to bring the National Payment Gateway into operation under the National Information Technology Center to make the payment gateway uniform.
National Payment Gateway in Nepal.
The government is preparing to launch an integrated ‘National Payment Gateway’ from August. It is believed that the lack of gateways will reduce the inconvenience of electronic payments (electronic payments) to consumers inside and outside the country. The national information technology will cover the scattered private wallet and card transactions, including the international payment sector, along with the payments received and given by the government in a single payment gateway.
The National Information Technology Center has said that the scattered private wallet and card transactions and international payment areas will be included in a single payment gateway along with the payments received and given by the government.
The national information technology will cover the scattered private wallet and card transactions, including the international payment sector, along with the payments received and given by the government in a single payment gateway along with the payments received and given by the government.
The National Payment Gateway in Nepal is a long awaited issue for government and non-government bodies, industrialists, traders, importers-exporters and consumers.
This will save the time of the consumer as well as get rid of the hassle as the information of real time payment and actual income and expenditure can be found immediately.
All payment systems will be monitored, and all payments of VAT, income tax and excise duty can be made digitally, once the service comes into operation,”
Likewise, the central bank is also preparing to make new laws to facilitate the digital payment, he informed. “The bank is preparing the draft of the act-related to the issue.”
The infrastructure has been prepared to meet the international standards required to bring the payment gateway into operation.
Expenditure by the government, social security for the people and payments to the private sector will now be brought to the one-door system.
With the current system, 1000 transactions can be done in 1 second. Later, a system has been prepared which can be extended as per the need. Nepal Rastra Bank has agreed to provide necessary settlement bank for the payment gateway to the National Information Technology Center and a Memorandum of Understanding (MoU) has also been signed with Rastriya Banijya Bank.
The service is planned to start with government payments and gradually cover government payments, private wallet and card transactions, and international payments.
the National Payment Gateway in Nepal will simplify the transactions of card, wallet, e-commerce, e-check, credit transfer, debit transfer, bill payment etc. in an integrated manner.
The National Payment Gateway in Nepal will include mobile service providers, commercial banks and government agencies. In this, NRB will monitor and supervise and National Information Center will look after the technical aspects including privacy and security. Once this gateway comes into operation, the general public will not have to bear the physical hassle. The compulsion to go to the banks and wait in line to pay is also expected to end.
The system has been developed in such a way that the government pays and the revenue collected does not go up and down.
the business related to the government will be done immediately and it will be managed without any additional financial burden on the people.
A joint technical team has been formed for the National Payment Gateway and NEA will also play a role in cyber security
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