More than 650,000 bank accounts to be connected to Connect IPS with high turnover

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Digital payments are increasing in the country. Electronic transactions are increasing even more when the lockdown is going on due to corona infection.

If we look at electronic transactions, Connect IPS is increasing every month. Not only its business, but also the number of customers joining it has increased significantly.

Along with the customers, the bank accounts they connect to it are also increasing significantly.

Nepal Clearing House Chief Executive Officer (CEO) Nileshman Singh Pradhan said that there is a significant increase in the number of customers and bank accounts joining Connect IPS.

The business through Connect IPS has also progressed by making new records every month.

According to Pradhan, there are two numbers in Connect IPS, the customer and the number they link.

The number of linked bank accounts is more than the number of customers as the customer can link more than one bank account.

The number of customers connecting to Connect IPS has reached almost four and a half lakh.
Similarly, the number of accounts linked by those customers has also increased to 6.5 lakhs.

Transactions through Connect IPS also reached a new record. According to the data of 9 months of the current financial year published by Nepal Rastra Bank, 1 trillion 41 billion 802 million rupees have been paid from Connect IPS during this period.

More than 1 trillion 10 billion 57 crores were paid in the previous month.

This month there has been a significant increase in the number of payments. In the month of Chait, there were 20 lakh 38 thousand 465 electronic transactions.

In the first month of the current financial year i.e. July, 51 billion 50 million was paid.

The transaction amount from ConnectIPS, IPS and ACC operated by Nepal Clearing House (NCHL) has increased significantly.

Banks are connected to each other, from small general to large commercial transactions.

Nepal Clearing House Chief Executive Officer (CEO) Nileshman Singh Pradhan said that there is a significant increase in the number of customers and bank accounts joining Connect IPS.

Connect ISPS not only provides the facility of sending money from one bank to another bank. Due to this, the work of banks that have to reach rural areas has been relieved.

Its help is great in increasing the business done by branchless banks in villages or increasing the business in banks established in rural villages.

What is ConnectIPS?

Connect IPS is an integrated online payment platform operated by Nepal Clearing House promoted by Nepal Rastra Bank and bank financial institutions.

Nepal Clearing House operates IPS and ACC services along with ConnectIPS.

There are 51 banks and financial institutions in Connect IPS and 70 are connected to IPS. Similarly, there are 74 banks and financial institutions in Check and CC.

This includes online fund transfer, government revenue payment, social security fund related payment, NEPSE online trading and payment to stock broker, company registrar office payment, passport fee payment, citizen investment fund payment, fund load in mobile wallet, travel agency payment, school and college, Businesses like insurance payments can be done.

Connect IPS is completely digital. It also has transaction limits. Everyone can transact 24 hours a day from their account on the mobile app or its website, sitting at home.

Similarly, banks are also doing transactions through Connect IPS. Large amount and bulk transactions are done in IPS. Transactions such as salary payment, social securities, government payment are done through it.

Individual transactions can also be done in this, but more large amounts are traded. You should contact the bank for this transaction.

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