Jyoti Bikas Bank Signs Agreement with NCHL to Activate NepalPay Card

Jyoti Bikas Bank and Nepal Clearing House Ltd (NCHL) have signed an agreement to activate NepalPay card payments through the Electronic Fund Transfer (EFT) switch.

The agreement was signed by Kapil Dhakal, CEO of Jyoti Bikas Bank, and Nilesman Singh Pradhan, CEO of NCHL, at a formal ceremony.

With NCHL’s EFT switch already integrated with the National Card Switch, the agreement will enable the bank to issue NepalPay cards to its customers. Additionally, the bank will be able to acquire and process international cards under the Discover Network, including ‘RuPay’ cards, and process NepalPay card transactions.

NCHL recently launched the commercial rollout of NepalPay, which has enabled the card to be used globally through its partnership with the international network, Discover.

NepalPay cards issued by banks and financial institutions, payment service providers, and payment system operators can be used at ATMs and point-of-sale terminals in Nepal and abroad.

NCHL’s EFT services are currently being used by 11 member banks and financial institutions to process various international card schemes. With the recent integration of EFT and National Payment Switch, NepalPay cards can now also be processed.

Other member banks and financial institutions of EFT are also preparing to acquire and issue NepalPay cards. So far, over 36 banks and financial institutions have joined NepalPay and are at various stages of rollout. Eight banks and financial institutions have started issuing NepalPay cards, while 11 have begun acquiring NepalPay cards.