Nabil Bank is going to launch the UnionPay International QR Code Acquiring service. For the first time in Nepal, Nabil Bank customers with UnionPay International cards will be able to use the QR code payment system.
- With the QR code service, customers can simply scan the QR code displayed on the checkout counter at merchant outlets with their smartphones to pay.
- The code shares the purchase transaction information to the application on the smartphone where the payment is then initiated.
- This system stops the need of physical point of sales terminals which could be the start of cashless culture in Nepal.
Storing in phone Vs Storing in Wallet:
- Storing card details on your phone and encrypting it with a password is much safer than using a wallet to store your cards.
The CEO of Nabil Bank, Sashin Joshi shared, “In the first phase, we have targeted this service mainly to Chinese tourists to facilitate their payment requirements in Nepal. This will allow them to pay for goods and services in a very efficient and secure way as QR code payment is widely used in China. We are also planning to extend similar service to our bank’s customers in the near future.”