Kathmandu: The VYCCU Savings and Credit Cooperatives Limited in Gaindakot-8 of Nawalparasai (Bardghat-Susta East) has introduced the VYCCU Virtual Card, a pioneering initiative in the country. This new facility aims to offer card-free transaction services to members of the cooperative, and it officially commenced operations on Friday.
According to National News Agency Nepal, Sanket Kandel, the chief of the Information and Technology Department at VYCCU, highlighted that this facility allows VICCU members to engage in mobile banking, request and renew their cards, and block or unblock them as needed. Additionally, it provides users the convenience of making payments at e-commerce platforms. Kandel also noted that ATM cards from other banks within the SCT network can be linked to the VYCCU Virtual Card. The cooperative is planning to roll out a feature enabling QR payments in India through the VYCCU app soon.
The VYCCU Virtual Card was launched as an alternative to the traditional ATM card in celebration of the cooperative’s 36th anniversary, as stated by VYCCU president Prem Prasad Sapkota. Founding President Khemraj Sapkota reflected on the cooperative’s growth from its inception 36 years ago with just 26 members. Today, VYCCU boasts a membership exceeding 135,000. The organization was founded by 26 youths from Gaindakot, who initially contributed Rs 50 daily. Over the years, it has expanded to amass deposits of Rs 8.8 billion and a share capital of Rs 810 million.