Last Updated on June 15, 2023
The number of Nepal Pay QR merchants via banks & financial institutions and payment service providers (PSPs) has crossed 3 lakhs. The company calls it a key milestone in promoting the adoption of QR payments in Nepal to strengthen the digital payment ecosystem.
Nepal Pay QR is the implementing infrastructure of the NepalQR standard operated by Nepal Clearing House Limited (NCHL). It is a part of the National Payment Switch (NPS) operating as an independent QR scheme. The system supports the interoperability of QR at the merchant and network levels.
These days, many BFIs and PSPs provide aggregated QR for interoperability at the merchant level. Likewise, the company has also established network-level interoperability recently between NEPALPAY QR and SMART QR.
As of now, there are over 23 BFIs and 3 PSPs that have acquired such QR. Similarly, over 21 BFIs and 6 PSPs’ mobile banking apps or digital wallets are supported for scanning NEPALPAY QR payments. There are plans to roll out the feature for more BFIs and PSPs.
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Nepal Pay QR acquires 3 lakh merchants
As Nepal Pay QR now has 3 lakh merchants in its network, its relevancy and growth seem to grow further. Digital payment is the current norm and because of the convenience it brings, more and more institutions and users are adopting it in their payment/transactions.
To integrate NepalPay QR to receive payment from customers, merchants need to contact their banks or PSPs for enrollment. The enrollment could be physical QR standee or integrated with their billing system as dynamic QR. It can also be Android POS or integrating a QR-based payment gateway in their eCommerce sites.
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Mobile banking apps, digital wallets, and ConnectIPS apps are also able to scan and pay with NepalPay QR. To perform payment, users need only to scan the QR to initiate the transaction. To know if your mobile banking and mobile wallet have the Nepal Pay QR feature, you need to go to QR Scan and see if you have the NepalPay option on it.
