Connectips offers free fund transfer during the festive season
On the occasion of Dashain, Tihar and Chhath and other festivals, the mobile app of Connect IPS operated by Nepal Clearing House Limited (NCHL), Connect IPS Fund Transfer in mobile banking of banks and financial institutions and fund loaded through Connect IPS in mobile wallet has been made completely free from Ashoj 20 to Kartik 25.
In order to further promote the increasing use of Connect IPS and mobile-based bank account transfers, transaction fees have been completely waived during the period.
The Nepal Clearing House believes that this provision will reduce the use of paper notes and further increase the use of mobile platforms in fund transfer.
Connect IPS has made various payments including fund transfers from the same platform in the last financial year. In the current Fiscal Year (up to mid-September), Rs. Rs. 4.5 trillion worth of 6.2 million payment transactions have been processed.
Currently, a total of 54 banks and financial institutions are affiliated to this system. Users of more than 14 digital wallets can also load funds directly from a bank account through Connect IPS. With the mobile app of Connect IPS, transactions can be done up to Rs 1 lakh per transaction and up to Rs 2 lakh per day.