Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Excel Development Bank Limited and Nepal Clearing House Limited (NCHL) have signed a landmark agreement to join the National Payment System-National Card Switch (NPS-NCS) and Domestic Card Scheme (NEPALPAY Card), while enabling cross-border QR payments via Alipay+.
The agreement, formalized by Dr. Indra Kumar Kattel, CEO of Excel Development Bank, and Mr. Neelesh Man Singh Pradhan, CEO of NCHL, marks a pivotal step toward modernizing Nepal’s payment ecosystem and enhancing financial inclusion.
Under the partnership, Excel Development Bank will become a principal member of NPS-NCS, enabling it to issue and acquire NEPALPAY Cards once the infrastructure is commercially rolled out. NCHL recently announced the readiness of NPS-NCS, urging banks and financial institutions (BFIs) to integrate their systems for Nepal’s domestic card scheme.
NEPALPAY aims to reduce reliance on international card networks, lower transaction costs, ensure data localization, and drive innovation in digital payments. With over 4 million cards and 10,000 POS terminals in Nepal, as per NCHL data, NEPALPAY is set to transform domestic transactions.
The agreement also integrates Alipay+ cross-border QR payments with NEPALPAY QR, allowing tourists from 13 countries, including China, Hong Kong, Singapore, Malaysia, and South Korea, to use their native e-wallets at over 875,000 NEPALPAY QR-compatible merchants nationwide.
Alipay+, aggregating 30+ e-wallets like Alipay, GCash, and KakaoPay, connects 90 million global merchants across 66 markets, boosting Nepal’s tourism sector, which welcomed 416,069 visitors from January to April 2024, per the Nepal Tourism Board.
“This partnership empowers our customers with seamless, cost-effective payment solutions,” said Dr. Kattel. “It also strengthens Nepal’s digital infrastructure,” added Mr. Pradhan. NCHL, serving 54+ BFIs and 100+ technical members, processes 130.5 million transactions annually, valued at NPR 11.3 trillion.
Excel Development Bank, with 47 branches and 3 ATMs, is a leader in modern banking. The rollout of NEPALPAY and Alipay+ QR payments promises to propel Nepal toward a cashless, globally connected future, fostering economic growth and tourism. Word count: 350
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