Everest Bank Limited (EBL) and Nepal Clearing House Limited (NCHL) have recently partnered to make cross-border QR payments possible in Nepal for users of Alipay+. This agreement was signed on November 3, 2024, between Mr. Sudesh Khaling, CEO of Everest Bank, and Mr. Neelesh Man Singh Pradhan, CEO of NCHL. Below, we shall talk more about Everest Bank NEPALPAY QR Alipay+ Collaboration and what it brings to the table.
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Everest Bank NEPALPAY QR Alipay+ Collaboration:
What Does This Partnership Mean?
The partnership between Everest Bank and NCHL enables the use of NEPALPAY QR codes for payments made through Alipay+ network users. Now, travelers from countries like China, Hong Kong, Singapore, Malaysia, Indonesia, and several others can simply scan the NEPALPAY QR code to make payments using their domestic mobile wallets. This system aims to make transactions smoother for tourists visiting Nepal, reducing the hassle of carrying cash or dealing with currency exchange.
Alipay+ is a network aggregator that connects over 30 global e-wallets, including Alipay China, GCash, KakaoPay, and many others. With a reach across 66 markets worldwide and access to over 90 million merchants, Alipay+ facilitates cross-border payments for users in various countries.
How Does NEPALPAY QR Work?
The NEPALPAY QR system is part of Nepal’s National Payment Switch (NPS), which allows for easy and secure payments through QR codes. Currently, the NEPALPAY network includes over 850,000 merchants, offering interoperable QR codes for both issuing and merchant payments. The partnership with Alipay+ further strengthens this network, enabling seamless transactions for international tourists who are part of the Alipay+ ecosystem.
Everest Bank’s Role in the Agreement
Everest Bank, with a customer base of over 1.4 million people, plays a key role in facilitating this partnership. The bank has enrolled more than 23,000 merchants in the NEPALPAY QR network, helping to bring this technology to more businesses across Nepal. Through this partnership, Everest Bank is not only enhancing its digital payment offerings but also positioning itself as a key player in Nepal’s evolving fintech landscape.
Why Is This Important for Nepal’s Economy?
This agreement opens up new possibilities for businesses in Nepal, especially those in the tourism and hospitality sectors. By offering a seamless payment method for international visitors, Nepal can improve its appeal as a tourist destination. It also strengthens the country’s digital payment infrastructure, making it more convenient for both locals and foreigners to conduct transactions using mobile wallets.
Conclusion
The collaboration between Everest Bank and NCHL marks a major step forward in making cross-border payments easier and more accessible in Nepal. For tourists visiting from countries within the Alipay+ network, this partnership provides a fast, secure, and convenient way to make payments using their existing mobile wallets. With the expansion of digital payment options, Nepal is positioning itself as a more attractive destination for global travelers.
