Globally leading online payment platform PayPal could arrive in Nepal. According to reports, Nepal Rastra Bank (NRB) has started the first steps to bring back the popular payment gateway into the country.
NRB plans to launch PayPal in Nepal to further strengthen cross-border payment. Currently, Nepal-India cross-border payment, Nepal-Korea, etc. have begun as a highly ambitious payment facility for people of both countries. PayPal’s launch is expected to greatly enhance international payment services for Nepalese.
The federal bank feels that there is a need for a strong global electronic payment company that will solidify the cross-country payment system in Nepal. NRB deputy governor Bam Bahadur Mishra confirmed NRB’s efforts to collaborate with PayPal and bring it to Nepal.
He also shared that NRB is working on a collaboration with PayPal and has also encouraged Fonepay and Standard Chartered Bank to reach out to the US-based payment giant.
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Remarkable benefits of PayPal in Nepal!
If PayPal launches in Nepal, it will greatly benefit Nepalese with payment. Using PayPal, many living abroad can directly send money PayPal accounts of their friends and family in Nepal. Those who are in import/export businesses can also easily transact using it.
Particularly, freelancers who work online and import IT services or are on digital platforms can also create PayPal accounts in Nepal and receive payment easily. So far, those who need PayPal accounts have relied on others’ accounts which also compromises their financial security and transparency. But if PayPal launches in Nepal, then these issues will subside to everyone’s benefit.
Nepalese use digital wallets and mobile banking apps, QR services for electronic payment. However, they are used for payment within Nepal PayPal or are limited to India, etc. But PayPal, being a globally used international payment gateway, will bring next-level use cases and payment options for Nepalese.
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PayPal is used in over 200 countries and regions with support for 25 different currencies. Its launch in Nepal will not just reinforce users” online payment availability, but will also prove to be a milestone for a cross-border payment system.
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