Historic insurance company Nepal Life Insurance has started a dynamic QR payment system. The company launched the innovative digital payment system in collaboration with the leading digital wallet eSewa.
The service was inaugurated recently with a demonstration.
Upon the service launch, Nepal Life Insurance Company (NLIC) CEO Prabin Raman Parajuli kickstarted the unique service. He also shared that the dynamic QR payment system allows up to Rs 2 lakh transactions. For it, users can make use of banking, cooperative, and mobile wallet apps.
Besides, NLIC also claims that it is the first in the industry to integrate a dynamic QR payment system in Nepal.
Since Nepal is approaching Dashain and Tihar festivals, the company says its customers can utilize the service at its branches across the country and perform electronic transactions.
Besides the convenience it brings, the system is also secure and follows a strict safety protocol. With the service, every user gets a separate QR code and after the transaction, every session is updated online.
Check out: Nepal Rastra Bank Calls for Digital Wallets Merger
Dynamic QR code
In QR technology, a dynamic QR code is different from a static one in that a dynamic QR has a redirectional URL encoded in the squares. A dynamic QR has only a URL that makes it adaptable, and recyclable among other benefits.
We might see more companies follow suit following the adaptation by NLIC.
How often do you use QR codes for payment? Are you comfortable with it or prefer it only when you don’t have cash? Do share in the comments below.