Kathmandu-Nepal Clearing House Limited (NCHL) has officially introduced the NPS National Card Switch and Nepal Pay Card, marking a significant step in Nepal’s financial independence. The new domestic card scheme was unveiled by Nepal Rastra Bank Governor Maha Prasad Adhikari at an event in Kathmandu.

Under the slogan “Nepal’s Own Card,” the initiative aims to reduce dependency on international providers like Visa and Mastercard. Initially, the card will be issued by Citizens Bank, Goodwill Finance, Himalayan Bank, Machhapuchhre Bank, Muktinath Bikas Bank, NMB Bank, Prabhu Bank, Shangrila Development Bank, and Siddhartha Bank.

The Nepal Pay Card will support debit, credit, prepaid, and virtual transactions, ensuring that financial data remains under national control. Future plans include expanding its usability internationally.

At the launch, Himalayan Bank issued the first Nepal Pay Card to Governor Adhikari, while Machhapuchhre Bank processed the first POS transaction.

Governor Adhikari highlighted that this initiative aligns with Nepal Rastra Bank’s strategy to develop an independent national payment system. He emphasized that switching to a domestic card network will save costs previously incurred through international payment gateways.

With infrastructure now in place, NCHL will focus on integrating banks, financial institutions, and payment service providers to ensure seamless adoption and commercial operations of the Nepal Pay Card.