In 2020, Nepal witnessed a 30.17% rise in credit card users than that of 2019 and the number is continuously increasing. Acknowledging this surge in credit card holders, most of the commercial banks in Nepal are having a healthy competition by providing attractive offers in discounts on credit card issuance and payments. 

Most of the commercial banks in Nepal have been providing a credit period of maximum 45 days. Some banks even provide a grace period of maximum 1 day, otherwise you are entitled to pay the additional fine. 

There are two options (both offline and online) when it comes about paying your credit card bills to the bank. You can visit the bank and renew your credit card by paying off the bills in cash/cheque. Or you can pay through online mediums like mobile banking, digital wallets and PSOs like connectIPS. Many mobile banking and digital wallets have options for credit card payments in their system. However, if you would like to reduce the transaction fee in making those payments, you can pay it through connectIPS.

ConnectIPS, a product of Nepal Clearing House Limited (NCHL) which enables you to pay to third party merchants or banks directly from your bank account at a comparatively lower price. ConnectIPS has a payment option for credit card bills where you can select the bank you would like to pay for the credit card and pay easily at a lower cost. 

How to pay a credit card bill through connectIPS?

You must be a registered user of connectIPS system and should have linked your bank account. Then you can follow these simple steps:

Step 1: Sign in to your connectIPS account.

Step 2: Scroll down the dashboard and click on the “Card Payment” icon.

Or, among the options in the left corner, tap on Financial Institution, followed by Card Payment option.

Step 3: Select Credit Card. For Himalayan Bank Users, you can click on “HBL Credit Card” icon

Step 4: Fill up the details like bank account, card type, transaction amount, card number and cardholder’s name. Then click on the “Transfer” button.

Step 5: You’ll have to enter a 6-digit connectIPS transaction PIN and submit to complete the process.

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Standard Chartered Bank is now live in connectIPS and you can now transfer money to the bank using the connectIPS option in your own mobile banking app, connectIPS (App and Website).

This service is enabled by NCHL’s National Payment Interface (NPI) system; which enables the users to make payments or transfer funds between the banks and financial institutions using payment options like connectIPS, mobile banking apps and other digital wallets. 

In the second phase, NPI services will be extended to SCBNL’s channels, including its S2B and mobile banking, whereby its customers will be able to do outgoing transfers to other BFIs. In the later phase, SCBNL will allow its customers to link its bank account to connectIPS, such that outgoing payments could be done directly from connectIPS.

How to Transfer Money to Standard Chartered Bank from any other Bank Using:

1. Mobile Banking Apps

• Login to your mobile banking app

• On the homepage, tap on “Payments”

• Tap on “connectIPS”

• Enter amount, beneficiary account number and name

• Select Standard Chartered Bank Nepal in “Beneficiary Branch” option

• Click on “Submit“

2. ConnectIPS

• Sign in to your connectIPS

• On the Dashboard, click on “Bank Account” icon or select “Bank Account” in Transfer to option in the top left corner.

• Enter account number, transaction amount, details, beneficiary’s account details and select “Standard Chartered Bank” in the “Bank Name” option.

• Click on transfer and then enter your 6 digit transaction password.

3. Digital Wallets

• Log in to your digital wallet

• Go to “Bank Transfer” option

• Select “Standard Chartered Bank Nepal”

• Proceed by entering the details of recipient’s account and your fund would be transferred

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NMB Bank Ltd. has enabled a self-verification process for online linking of its customer accounts within connectIPS.

With this NMB’s customers will be able to enroll within connectIPS and link its bank account without having to visit the bank branch in person. With the increasing adoption of digital transactions including fund transfer and service payments through alternate channels, connectIPS is being excessively used by the bank customers. The initiative of NMB to allow its customer for online linking is expected to further facilitate its customer during this pandemic situation.

The bank will allow transaction limits of up to NRs. 1 lakh per day and NRs. 10 lakh per month for the accounts linked through self-verification. Such limits can be upgraded later to the full limit of connectIPS through manual form based approval. 

The self-verification process for account linking and verification within connectIPS is currently available for 16 commercial banks, 6 development banks and 1 finance company. Few other BFIs are also in the final phase of extending this service. connectIPS has over 54 BFs within its network as its members. 

How to link and self verify an NMB bank account in connectIPS?

• Link the desired bank account in connectIPS from the “Link Account” option.

• Select the “Self-Verify Account” option under the “Manage Account” section.

• Enter the OTP(One Time Password) sent by the bank to the registered mobile number.

• Enter two micro payments deposited at your bank account (intended for linking).

• The linked account can now be used from connectIPS mobile app and web application.

The customer needs to ensure that the mobile number used in connectIPS is same as that provided at the respective bank. The transaction limit provide for such self-verified accounts will be as per the limit assigned by the bank and may vary for each of the banks.

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