Nepali customers and traders will benefit from cross-border payment with Global IME bank’s mobile banking app. The bank has signed an agreement with Payment Nepal (Gateway Payment Service Pvt. Ltd.) that will enable its customer’s pay through QR from BharatPe, PayTM, and Google Pay.
Global IME bank’s CEO Ratnaraj Bajracharya and Payment Nepal’s CEO Rajeshprasad Manandhar signed the agreement papers.
The facility will be available for the bank’s customers living in both Nepal and India. International payment options are still much less and this deal though exclusive to the Global IME customers still adds a vital channel to process money through Indian payment vendors.
With the partnership, Global IME customers can use its mobank app Global Smart Plus to purchase and pay for goods or services in India with its QR scan. The system allows them to process payments via many Indian payment vendors such as PayTM, BharatPe, etc.
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Cross-Border Payment with Global IME to benefit SMEs
Recently, Nepali financial service providers have focused on cross-border payment and this is another milestone for Nepali smartphone users. The feature will also benefit businesses as traders from both Nepal and India can also pay through Global IME’s QR scan.
With this collaboration, the bank customers will have the ability to pay their Indian traders. Besides, the bank’s customers can also transfer money to Indian banks and other payment service providers. The facility should also encourage cross-border remittance services
The bank says it will always play an active role to promote digital payment systems which have evolved as a reliable mode of payment.
Global IME is one of the leading commercial banks in Nepal. The bank is serving its 28 lakh+customers all over Nepal through 289 branches, 254 ATMs, and others totaling 860 service points.
Cross-Border payment becoming the norm in Nepali Fintech
Cross-border payment has also been started before through Gateway Payment Service and Manam Infotech with India’s revolutionary UPI. This allows Nepali smartphone users to perform transactions through banking apps and PSPs in both Nepal and India.
Cross-border interoperability and payment service are now on the rise which benefits Nepalese living in Nepal and India both. This should continue with even more features and feasibility in the coming days.
What is the prospect with the Global IME bank’s initiative to allow cross-border payment through Indian payment vendors? Do add your remarks in the comments section.