18th October 2023, Kathmandu
Monthly transaction in NEPALPAY QR crosses for the first time NRs. 1 Billion for the month of Ashoj, 2080, since it was rolled out six months back.
Similarly, merchant acquiring under the NEPALPAY QR network by the banks & financial institutions, and payment service providers has crossed over 4.25 Lakh merchants.
This is one of the key milestones achieved in terms of both transaction value and merchant acquisition, which are expected to increase the growth of QR payments.
NEPALPAY QR crosses
NEPALPAY QR is the implementing infrastructure of NepalQR standard as part of the National Payment Switch (NPS) that operates as an independent QR scheme and also facilitates interoperability of QR at the issuing, merchant, and network levels.
BFIs & PSPs have started issuing aggregated QR for interoperability at the merchant level and most recently network-level interoperability has also been established between NEPALPAY QR and SMART QR. BFIs and PSPs have already enrolled more than 4.25 lakh merchants in the NEPALPAY QR network.
Mobile banking of all commercial banks and that of the most developed banks, finance companies, and wallets can be used for scan & pay with NEPALPAY QR.
The merchants and businesses can contact their respective banks & financial institutions for enrollment for NEPALPAY QR and start receiving QR payments from their customers.
Such enrollment could be in the form of a physical QR standee or integrated with the billing system as dynamic QR or enabled in Android POS or integrated QR-based payment gateway in the e-commerce portal.
Voice-based QR notification is also available in NEPALPAY QR in selected BFIs.