In a recent update, mobile banking, wallets, and Connect IPS services will not charge any fees for transactions up to 500 rupees. This change was announced by Nepal Clearing House Limited (NCHL) on Wednesday.
Fee Changes in Retail Payment Systems
The new fee structure is part of an update to the Retail Payment Switch (RPS) system. According to the new rules, users can transfer amounts of up to 500 rupees without any charge. This applies to mobile banking apps, Connect IPS mobile applications and websites, and wallets when depositing or withdrawing money.
New Fees for Larger Transactions in Digital Banking
For transactions above 500 rupees but below 5000 rupees, a charge of 4 rupees will apply. For amounts above 5000 rupees, a fee of 8 rupees will be charged.
Merchant Payments and Additional Fees
Merchant payments will also incur fees based on the transaction amount. For merchant payments, the fees are as follows:
- Up to 500 rupees: 2 rupees
- From 500 to 5000 rupees: 4 rupees
- Above 5000 rupees: 8 rupees
No Fees for Transactions Sent by Service Providers
NCHL also confirmed that customers will not be charged any fees when sending money for transactions where the service provider or merchant covers the costs.