Do not get confused with connectIPS and different integer wallets. We went done fewer FAQs connected the website of connectIPS and saw a question that says, “ Is connectIPS different integer wallet?”
Well, it is decidedly not. So, what makes it antithetic than each those integer wallets?
connectIPS is an e-payment strategy implemented by NCHL arsenic a standardized azygous outgo level for online payments which includes money transfers, measure outgo and creditor/ merchant payment. All outgo transactions are processed straight from/ to slope accounts of the sender and receiver irrespective of the transmission – online, mobile and slope branches. The strategy besides facilitates linking aggregate slope accounts. The idiosyncratic needs to enroll for connectIPS, nexus its slope relationship and verify the linked relationship from its bank, arsenic a one-time process.
connectIPS is an instant oregon faster outgo strategy with further channels (web, mobile, gateway) arsenic platforms to nexus aggregate slope accounts and to process outgo transactions done 1 of the linked slope accounts, unlike the request of load/unload of funds successful mobile wallets. Multiple mobile wallets are besides associated with connectIPS to assistance them load/unload funds successful their wallets.
The main quality betwixt connectIPS and a integer wallet is that the erstwhile 1 is simply a merchandise of Payment Service Operator (PSO) portion the second is simply a benignant of Payment Service Provider (PSP).
To get further, let’s cognize astir PSOs and PSPs
According to the Payment System Oversight Framework- 2018 published by Nepal Rastra Bank, Payment Service Operators (PSOs) are those systems established with the nonsubjective of processing, routing/switching, operation, power and clearing of outgo related activities. Clearing house, institution/mechanism operating physics paper network, institution/mechanism operating physics outgo network, etc are classified arsenic PSOs.
Currently, determination are 9 outgo strategy operators (PSOs) successful Nepal. Nepal Clearing House Limited is 1 of the PSOs and connectIPS is 1 of the retail outgo systems developed by it.
Retail outgo system, arsenic defined in Retail Payment Strategy- 2019, refers to a debased worth outgo strategy catering to the needs of consumers, businesses and the Government successful serving their outgo requirements. The retail outgo systems successful Nepal are chiefly operated by Nepal Clearing House Limited (NCHL), which provides image-based cheque clearing solution and physics money transfers comprising recognition transfers and nonstop debits, and operators successful the cards outgo abstraction viz., Smart Choice Technologies P. Ltd (SCT), National Payment Network (NPN), and Nepal Electronic Payment System Ltd (NEPS).
On the different hand, Payment Service Providers (PSPs) are those work providers providing the outgo services done physics means, carrying retired home wealth transportation business, inferior bills payments, goods and services outgo and besides person nonstop narration with customers. Mostly, the integer wallets and mobile banking systems autumn nether this category. Currently, determination are 18 non-banking integer wallets licensed by NRB arsenic a outgo strategy provider.
As you are present wide astir wherefore connectIPS is not conscionable different integer wallet, let’s cognize that it has an enactment to load funds successful your integer wallets arsenic well.
Digital Wallet Loading Options successful connectIPS
At present, connectIPS allows its users to load the magnitude for 5 integer wallets:
- IME Pay
- Prabhu Pay
How to Load your Digital Wallet Account from connectIPS?
You tin load immoderate of your integer wallet among the fixed 5 alternatives from connectIPS. To statesman with this, archetypal of each you indispensable beryllium a registered idiosyncratic of connectIPS and immoderate of these integer wallets.
Then, you tin travel these elemental steps:
- Go to your web browser oregon mobile app of connectIPS and log in
- In the near country of location page, click connected Utilities Payment
- Then pat connected Load Wallet option
- Select immoderate integer wallet suitable for you among the fixed five
- Enter oregon prime your relationship number, capable up the magnitude to beryllium loaded successful Transaction amount
- Enter your valid idiosyncratic ID and remarks
- Click connected transfer
- Enter the 6-digit transaction password and click connected Submit option
With these elemental steps, you tin load the magnitude straight from your slope relationship to your integer wallet account. This enactment allows you to load your integer wallet without logging successful to your slope relationship since your slope relationship is already linked to the connectIPS.
What bash you deliberation astir this diagnostic of connectIPS? Does this acquisition disagree from loading your integer wallet via a mobile banking app? Dropdown your views successful the comment.
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