Rastriya Banijya Bank Limited (RBB) has partnered with Nepal Clearing House Limited (NCHL) and Alipay Plus to introduce a cross-border payment system using NEPALPAY QR. NEPALPAY QR, managed by NCHL, serves as a unified payment gateway for all banks in Nepal. Alipay Plus, a global platform, facilitates cross-border payments by connecting to multiple payment systems worldwide.
This collaboration aims to simplify digital transactions across borders via NEPALPAY QR. This system can accept payments from around 48 countries, including Malaysia, Thailand, China, and Indonesia. In a time when digital payments are becoming essential, this partnership marks a major step forward in enhancing payment convenience.
Rastriya Banijya Bank Limited (RBB):
RBB is one of Nepal’s largest banks. It has a rich history and was established to provide comprehensive financial services. Today, RBB offers various digital banking services, including Internet banking, mobile banking, and USSD mobile banking.
Nepal Clearing House Limited (NCHL):
NCHL plays a pivotal role in Nepal’s financial infrastructure. It aims to improve payment systems within the country. NCHL is known for its services such as the National Payment Switch and NEPALPAY QR.
The Partnership:
The CEOs of RBB, Devendra Raman Khanal, and NCHL, Neelesh Man Singh Pradhan, recently signed an agreement to enhance cross-border payments. This partnership focuses on using mobile banking and QR code technology to facilitate seamless transactions between Nepal and India. It’s a significant development for RBB customers in Nepal and Indian customers wanting to send money to Nepal.
NEPALPAY QR and Its Role
What is NEPALPAY QR?
NEPALPAY QR is a national payment system launched under the supervision of Nepal Rastra Bank and managed by Nepal Clearing House Limited (NCHL). It complies with NepalQR standards and can accept payments using various payment methods.
This system offers multiple services, including static QR, dynamic QR, and QR-based connectIPS payment gateways. It ensures smooth transactions and high compatibility across merchants and networks, making digital payments more efficient and accessible.
Benefits for Merchants:
NEPALPAY QR means more straightforward and efficient transactions for merchants. It integrates with other digital payment systems, such as Alipay+, making cross-border payments smooth and hassle-free. This system benefits both merchants and consumers by providing a secure and convenient payment method.
Implications and Future Prospects:
The partnership between RBB and NCHL is expected to impact digital payments in Nepal significantly. It promotes financial inclusion and paves the way for future developments. We can anticipate more collaborations and enhanced digital banking services soon.
Conclusion
This partnership between RBB and NCHL is a significant milestone for Nepal’s financial sector. It enhances cross-border payments through NEPALPAY QR, empowers merchants to expand their online business, and encourages more customers to adopt digital payments by accessing services through any of RBB’s 294 branches. By promoting seamless and widespread digital transactions, this collaboration supports the growth of Nepal’s digital economy.