Foreigners have made payments of about Rs 2 billion in Nepal in the first eight months of the fiscal year (FY) 2081/82. The report from Nepal Rastra Bank (NRB) shows that the electronic payments were made via India’s UPI, China’s Ali Pay, and WeChat. The report highlights the growing contribution of digital payment systems to Nepal’s digital economy.
According to NRB, foreigners made payments of over Rs 1.81 billion. These have become possible largely thanks to the cross-border payment system started between Nepal and India. Also, agreements with Chinese payment gateways have soundly contributed to these payments.
Foreigners come to Nepal largely to explore the country, but some also come for work, business, and other purposes. While in Nepal, they can use local payment apps to scan and pay in Nepal via FonePay and other services. We are hearing that the government is preparing to issue a digital nomad visa, too. So, that will create a further dimension in electronic payment for sure.
Foreigners pay huge via QR in Nepal in FY 2081/82
NRB started recording payment details since Ashoj of 2081. As per its statistics, it recorded transactions of Rs 13.90 in Ashoj itself. The graph grew over the subsequent months, highlighting the growing feasibility of electronic payment for tourists and its growing acceptance. Till Poush, the amount increased to Rs 31.40 lakh. These transactions were conducted 612,451 times.
Did you know? Indian users can pay with PhonePE in Nepal
The growing number of transactions and volume of amounts highlight that electronic payment is becoming mainstream, also for foreigners who come to Nepal for tourism and other purposes.
The cross-border transaction has become very fruitful and beneficial for Nepali merchants, authorities, as well as foreigners. Reportedly, NRB is also working to launch PayPal in Nepal. So, that will create further grounds for the digital economy.