Electronic transaction on the rise

Electronic transaction is found have been increasing as a result of the lockdown imposed by the government to stem the spread of the Coronavirus. As of the second week of the lockdown, e-transaction worth Rs. 35.6 billion has been recorded, according to Nepal Clearing House Limited.

The transaction was worth Rs. 18.6 billion in the first week of the lockdown. The NCHL has been using five national payment systems including the NHCL-ECC, NCHL-IPS, Connect IPS, Connect RTGS and NPI. Almost all the banks including the central bank, Nepal Rastra Bank are affiliated to the system.

Among the systems, electronic cheque clearing (NCHL-ECC) and Inter-banking payment system (NCHL-IPS) will provide clearing until the situation turns normal. Likewise, the NHCL-ECC clears the cheque collected by 1:30 every day and the NCHL-IPL of the payment order received until 1:00 pm, and the clearance is done on the same day. Those received after the deadline are cleared the next day.

Likewise, the NCHL’s connect IPS provides mobile and e-banking business and transaction round-the-clock through its mobile application and website and that of the particular banks.