BFIs, PSPs acquire over 3 Lakh merchants in NEPALPAY QR

KATHMANDU: Merchant acquiring under NEPALPAY QR network by the banks and financial institutions (BFIs) and payment service providers has crossed over 300,000 merchants, with majority of the BFIs now deploying QR at the acquired merchants. This is a key milestone in further supporting the adoption of QR payments in Nepal to strengthen the digital payment ecosystem. NEPALPAY QR is the implementing infrastructure of NepalQR standard as part of the National Payment Switch (NPS) that operates as independent QR scheme and also facilitates interoperability of QR at 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. There are over 23 BFIs and three PSPs currently acquiring such QR and over 21 BFIs and six PSPs whose mobile banking or wallets can be used to scan NEPALPAY QR payment, with others in the process of rollout. The merchants can contact their banks or PSPs for enrollment within NEPALPAY QR and to start receiving QR payments from their customers. Such enrollment could be in the form of physical QR standee or integrating with their billing system as dynamic QR or enabling their Android POS or integrating QR-based payment gateway in their e-commerce portal. Mobile banking apps provided by the majority of the BFIs, wallets and connectIPS app can be used to scan & pay with NEPALPAY QR. The users simply need to scan the QR for initiating a payment. In order to know if your mobile banking and wallet are enabled with NEPALPAY QR, customers can go to QR Scan option and ensure that NEPALPAY logo is visible. READ ALSO:

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