NCHL has enabled People to Merchant (P2M) payment allowing tourists to pay in Nepal via QR code scan on mobile phones.
NCHL short for Nepal Clearing House Ltd., has struck up a partnership with several international merchants to allow visitors to pay digitally in Nepal. As a result, people from at least 10 nations can now pay via QR scan in Nepal.
The new payment modality diversifies payment options for people who travel to Nepal. So far, tourists/visitors have had to rely on SWIFT and ATM cards mostly for payment for goods and services in Nepal. However, the P2M payment opens up a QR scan payment facility. The system brings transactions into the banking system making it more secure, straightforward, and convenient.
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NCHL brings People to Machine payment in Nepal
NRB’s People to Merchant payment currently lets citizens of Southeast Asia, Central Asia, Africa, and Europe pay with a QR scan in Nepal. According to sources people from Thailand, the Philippines, Mongolia, Singapore, South Korea, Hong Kong, Italy, etc. can now pay in Nepal via NepalPay QR. NCHL plans to expand this payment facility for people from more countries in the coming days.
People from China and Hong Kong can pay in Nepal using the Alipay wallet, MPay from Macau, Tinaba Bank digital wallet from Italy, and so forth. The P2M payment lets Nepali merchants receive the payment directly from foreigners while the latter can also feel the convenience of paying hassle-free at Nepali services.
The easier payment facility means tourists no longer have to bother with currency exchange or carrying bills while walking around. They can use digital wallets or mobile banking apps from their own countries and clear up their bills here in Nepal.
This comes soon after Alipay+ grew its ecosystem for foreigners to pay in Nepal. At the same time, a similar initiative has started allowing Indian visitors to pay in Nepal via Fonepay QR scan. There’s also talk of PayPal coming to Nepal so, it’s a time for Nepali fintech to grow and evolve. At the same time, cross-border payment between Nepal and India has also started allowing people from both countries to pay across the border.
The launch of an easier payment facility for foreigners eases tourists’ payment options while also helping merchants with receiving fees for their services. So, it’s a win-win for all.