QRcode tags began to appear in many stores, and as interconnectedness increased, payments from QR codes increased in Nepal.
As the interconnection between payment systems has increased, QR-based payments have increased. At present, more than 27 people are providing services through payment system with the permission of Nepal Rastra Bank.
Due to the lack of interconnection between the two, there has been a problem with the payment from the QR code.
In order to facilitate the payment, the NRB had recently issued special instructions regarding the interconnection and accessibility of the payment system and directed to maintain interconnection between the two payment systems. Accordingly, there has been a collaboration between Phoe Pay service of PhonePay Payment Service and Prabhu Pay of Prabhu Technology. PhonePay is also operating Isewa mobile service.
The company claims that there are currently more than 570,000 merchants in PhonePay. More than 15 million mobile banking users of banks and financial institutions and payment service providers have been transacting through PhonePay. Over a two-year period, 60 banks and financial institutions have joined the PhonePay network. PhonePay is a world-renowned data security standard, 'Payment Card Industry Data Security Standards', PC ID, SSV, V2T2 One certified organization.
Lately, not only within Nepal, but also the payment system operated from China, WeChat Pay, UnionPay and others have got permission in Nepal. Now there is a facility to pay in various shops in Nepal even from the very popular WeChat from China. This has also boosted QR payments, said Ujwal, who sells readymade goods on New Road. He has taken Merchant QR Code to receive payment from QR Code from Kumari Bank. Since such QR codes can be taken based on the page number when registering a business, it can be seen that QR code tags are hung in many shops nowadays.
According to the six-month data of Nepal Rastra Bank, the payment of Rs. 6 billion 525 million out of 19 lakh 18 thousand 5 hundred and 26.
By scanning the QR code in the month of July of the current fiscal year, out of 1.293 million transactions, a turnover of Rs. 5.56 billion has been made.
According to the NRB, the payments from QR codes have increased every month. There is an increase in both the number of transactions and the transaction amount. Traders say that this increase has been seen with the easing of inter-affiliation. ‘Everybody nowadays finds it easy to pay on mobile. After keeping the QR code, the business itself seems to be a bit easier. "Sometimes there is a problem with the internet because we don't get the payment sms on time," said a business official.