Kathmandu, June 14
Banks and financial institutions (BFIs) and payment
service providers (PSPs) have acquired more than 300,000
merchants under NepalPay QR network, with
majority of the BFIs now deploying QR at the acquired merchants.
This is a key milestone in further supporting adoption
of QR payments in Nepal to strengthen digital payment ecosystem, said the Nepal
Clearing House Limited (NCHL), the operator of the facility.
"NepalPay QR is the implementing infrastructure of NepalQR
standard as part of the National Payment Switch (NPS) that operates as
independent QR scheme and also facilitates interoperability of QR at merchant
and network level," said the company.
BFIs and PSPs have started issuing
aggregated QR for interoperability at merchant level and most recently network
level interoperability has also been established between NepalPay QR and Smart QR. There are over 23 BFIs and 3 PSPs currently acquiring such QR
and over 21 BFIs and 6 PSPs whose mobile banking or wallets can be used to scan
NepalPay QR payment, with others
in process of rollout.
The merchants can contact their banks or PSPs for enrollment
within NepalPay QR and to start receiving QR payments
from their customers.
According to NCHL, such enrollment could be in a form of physical
QR standee or integrating with their billing system as dynamic QR or enabling
their android POS or integrating QR based payment gateway in their e-commerce
portal.
Mobile banking apps provided by majority of the BFIs, wallets and ConnectIPS app can be used to scan and
pay with NepalPay QR.
Published in The Rising Nepal daily on 15 June 2023.
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