Interconnection is going to be mandatory in services like mobile banking, digital wallet, QR code etc. Nepal Rastra Bank has issued an instruction on Friday and instructed to implement interconnection in services such as mobile banking, mobile wallet, QR code.
With this directive, it will be easy to make payments and send money from one service to another. Earlier, some electronic payment service providers have already made such an agreement. But now it will apply to all.
The directive now defines small-value payment devices and services operated by payment system operators and payment service providers licensed by Nepal Rastra Bank, such as mobile banking, mobile wallets, QR codes, other participating institutions affiliated to the small-value payment system, from time to time under the small-value payment system. It has been mentioned that it will be applicable to any small value payment instrument.
Unless otherwise specified, all licensed payment system operators and payment service providers operating small-value payment systems or issuing small-value payment devices in Nepal must comply with technical and professional standards established by international best practices.
It is mentioned in the instructions that if an organization is unable to comply with such standards while operating the service, the service should be operated with the prior approval of the National Bank.
It is also stated in the directive that organizations that have received a license to operate a small value payment system cannot make rules or restrict the use of technology to prevent any other licensed organization from accessing their payment system.
Payment system operators and payment service providers must maintain the security and confidentiality of data received from service users while providing intercommittee services. In addition, the National Bank has given instructions to ensure that such data is not used elsewhere except for providing the specified services.
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