Transforming banking transactions: The impact of connectIPS in Nepal

The introduction of connectIPS in 2018 marked a pivotal advancement in Nepal’s digital payment ecosystem, integral to the Digital Nepal framework. Operated by Nepal Clearing House under Nepal Rastra Bank’s oversight, connectIPS initially targeted government revenue and remittance services. Over time, it expanded its scope to encompass a wide range of financial transactions, including fund transfers, bill payments, and merchant transactions, accessible via web, mobile, and banking channels. With stringent security protocols and integration into the National Payment Switch framework, connectIPS has significantly contributed to digital financial inclusion in Nepal. Looking ahead, connectIPS aims to leverage blockchain technology to further enhance security and scalability, supporting Nepal’s transition towards a robust digital economy.