The Nepal Bankers’ Association has suggested to Nepal Rastra Bank to provide concessions to reduce the fees charged on the internet for making electronic payments in order to make the country’s electronic payment services more comprehensive and convenient.
For the monetary policy of the financial year 2078/79, the Nepal Bankers Association has given various suggestions regarding electronic payment, and it has been said that a certain percentage of the current expenditure on note printing and management can be spent on the concession of electronic payment.
In addition, the association said that it would encourage digital banking if it could provide concessions on the fees charged by service providers in electronic transactions.
It has been suggested that a certain percentage of the expenses incurred in note printing and management should be reduced by electronic means to reduce the internet fees charged by electronic means of payment and to provide concessions on the fees charged by service providers in electronic transactions.
In order to make e-transactions orderly and safe, it has also been suggested to set a time limit for compliance and audit/certification by organizations that perform payment-related activities in accordance with the minimum security standards set by Nepal Rastra Bank.
In addition, the association said that the process of National Payment Switch, which has been started at present, should be brought into operation after setting a certain period of time. He believes that this will make electronic transactions more convenient.
The association has also suggested setting a separate limit for electronic transactions targeting business customers.
Nepal Rastra Bank has suggested more initiatives to reduce the fees charged by international service providers (Visa, Master Card, Union Pay, etc.). He believes that due to this, the cost of these service providers leaving the country for fees will be reduced.
It has also been suggested to effectively implement the system of refunding 10 percent of the VAT paid if the VAT-related expenses are paid electronically.
It has been advised to take necessary measures in this regard as the expenditure on SMS is increasing. The association has requested that the areas that need to be informed to the customers through SMS are increasing and in order to reduce the burden of expenses, the relevant agencies should take the necessary initiative to provide this facility at a low cost.
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