Retail payment switch transactions have grown significantly, with over 5 billion transactions occurring each month.

The Retail Payment Switch (RPS), which is being deployed under the National Payment Switch (NPS), has seen a notable increase in payment transactions. The 6 trillion 73 billion payment transaction was completed by the end of June of the previous year.

Based on turnover, this is 38 percent more than the previous year. It is 49% more in relation to the total transactions. Over 5 billion rupees had been exchanged in RPS per month for the past four months.

The Nepal Clearing House (NCHL) reports that 5 trillion 77 billion, 5 trillion 27 billion, and 5 trillion 17 billion were in Baisakh in May of last year. RPS was used to make payments of 56 trillion 97 billion in 2080–2081 USD.

As to the payments indicator released by Nepal Rastra Bank, there are more payments made using RPS than through checks, IPS, cards, mobile banking, and other means.

Since December 2078, RPS has been used as a distinct channel under NPS, and both the volume and value of transactions have increased fourfold. According to the corporation, this has aided in the transition to a cashless society and resulted in a notable rise in digital payments.

 A retail payment switch: what is it?

In 2017, Connect IPS was launched as a quicker payment system. It offers real-time payment services via gateway, web, and mobile app channels.

Likewise, for non-card payments in December 2021, it functioned as a distinct system known as RPS under the National Payment Switch.

In order to expand their services, payment service providers such as bank financial institutions, payment system operators, remittance companies, insurance companies, government agencies, and capital market-related entities have been using RPS to establish various instruments, including real-time payments based on bank accounts and payments made through alternative channels of bank financial institutions.