First Business News Portal in English from Nepal
KATHMANDU: Nepal Rastra Bank (NRB) has enforced QR Code Standardization Framework and Guidelines from Monday barring the Quick Response (QR) code payment service providers from charging a fee from the customers under any headings.
Prior to this, there were no legal provision to regulate the QR Code system in the country. Though the guideline has prevented service providers from charging a fee from the customers under any headings, it has allowed them to take service charge from the merchants in the form of the merchant discount rate (MDR).
In line with growing digital transactions over cash transactions in recent years, many licensed PSOs and payment service providers (PSPs) have started offering the QR code system for retail transactions.
So far, nine PSOs have received the license to operate the QR code service of which Fonepay, Smart QR and First Pay are providing their services at present.
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