Nepal Clearing House Limited (NCHL) has announced collaboration between NEPALPAY QR and Alipay Plus aiming at bringing cross-border payment for Nepali merchants. NCHL announced the milestone partnership at the Singapore Fintech Fest 2024.
The collaboration will allow Nepali merchants to receive payment from Alipay Plus users via NEPALPAY QR scan. Announcing the collaboration, NCHL said, “As we embark on our journey to connect Nepal with the global arena of digital payments, we are delighted to share that we have jointly announced the launch of cross-border payment between NEPALPAY QR & Alipay+ in the global premier financial services platform, Singapore Fintech Fest 2024.”
The partnership marks another important milestone in the digital landscape for Nepal. Earlier, NCHL and Fonepay launched Nepal-India cross-border payment which is available via digital wallets. Now, Chinese citizens and other travelers who use Alipay+ will be able to pay for services in Nepal. That means Nepali merchants can directly receive payment from Alipay users who visit Nepal from all over the world.
About Alipay+
Alipay is one of the global mobile payment vendor with services spanning across 66 markets with 90 million merchants abroad.
The company enjoys a strong foothold in Asia with millions of merchants in China, South Korea, Japan, etc. A notable aspect of Alipay+ is that it’s integrated with national QR payment system in countries where it’s established payment partnership. For e.g., Alipay+ has SGQR in Singapore, PayNet in Malaysia, KHOR in Cambodia, and Zero in South Korea as global QR collaborators. NCHL has now joined the exclusive list.
Key advantages of Alipay Plus payment service in Nepal
With Alipay Plus coming into use, Nepali merchants will be able to get fast and seamless payment from Alipay+ users in Nepal. It also promotes digital economy with QR scan payment facility. More details will come out of how this deal would help Nepalese and we will update here.
Check out: Digital payment limit in 2081
When will Alipay Plus be launched in Nepal?
NCHL has only announced that it’s reached partnership agreement with Alipay+ for its Nepal launch. Therefore, it will still require some time to implement it so that might happen by the end of 2024.