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Nepal Pay QR Merchants Surpass 3 Lakh | Digital Payment

Dinesh by Dinesh
June 15, 2023
in Apps, Digital Nepal
Reading Time: 2 mins read
Nepal Pay QR Merchants 3 lakhs

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.

Also read: Hamro Patro launches its in-app digital wallet service Hamro Pay

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.

Mobile wallets for digital payment in Nepal
Representative image

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.

Check out: <<<Digital Wallets Can Merge as NRB Clears The Way for PSPs and PSOs>>>

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.

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Dinesh

Dinesh

An experienced tech writer covering news mostly on telecommunication, internet, latest tech & trends, and Gadgets. Being a technophile, I am particularly fascinated by the evolution of mobile networks in Nepal from legacy networks (2G, 3G) to 4G (with VoLTE, VoWiFi, eSIM) and the prospects of the upcoming 5G, and equally enthralled by the development of internet from the dial-up connection to the 2 Gbps XGS-PON fiber broadband technology and their transformative impact in the country.

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