Everest Bank and NCHL enable cross-border QR payments with Alipay+

The agreement enables the NEPALPAY and interoperable QR codes to be scanned by users of Alipay+ network members, improving payment options for tourists visiting Nepal from countries such as China, Hong Kong, Singapore, Malaysia, Indonesia, the Philippines, Mongolia, Thailand, South Korea, Sweden, and Italy.

Alipay+ acts as a network aggregator, supporting over 30 issuing instruments and connecting more than 300 acquiring networks and service providers, with access to 90 million merchants across 66 markets worldwide. The Alipay+ network allows payments through various e-wallets, including Alipay China, OCBC, Changipay, Gcash, AlipayHK, Hipay, KakaoPay, TossPay, NaverPay, TnGD, PBB, TrueMoney, Mpay, and Tinaba, providing a simpler cross-border payment experience.

Following the network arrangements between NCHL and Alipay+, Everest Bank has formally collaborated with NCHL. The NEPALPAY QR, which adheres to the NepalQR standard as part of the National Payment Switch (NPS), facilitates interoperability at the issuing, merchant, and network levels. The system currently covers over 850,000 QR merchants, including interoperable QR solutions across Nepal.

Rising tourist numbers drive Nepal’s shift to cashless payments

Nepal's tourism sector, which contributes around 6.6% to the national GDP, has become increasingly reliant on international visitors, especially from Asian markets. India, China, and the US are among the top sources of tourists, accounting for nearly 50% of total arrivals in the country. In 2023, Nepal welcomed more than 1 million tourists, with around 314,000 coming from India alone. The strong demand from these countries has prompted a shift towards cashless payment systems, as many travellers prefer using mobile wallets and digital banking services instead of carrying local currency.

Digital payments in Nepal have surged in recent years, driven by the adoption of QR code technology and mobile wallets, particularly in urban and tourist areas. Nepal's central bank reported a 30% year-on-year increase in digital transactions in 2024, highlighting the rapid adoption of cashless solutions. By introducing cross-border QR payment services, the country aims to leverage this trend, allowing tourists to use their domestic e-wallets.