WeChat Pay receives permission to operate in Nepal

Thursday 13 February 2020 15:06 CET | News

WeChat Pay, a China-based payment service provider, has received permission to operate its electronic payment service in Nepal.

Nepal Rastra Bank (NRB) recently granted permission to WeChat Pay to conduct its operations in the country, The Himalayan Times reports. Meanwhile, NRB has allowed NMB Bank to provide the settlement services of transactions made through WeChat Pay in Nepal.

Similarly, Alipay, another China-based payment service provider, is in the process of obtaining a licence from NRB to start its services in the country. WeChat Pay and Alipay are particularly popular among Chinese tourists who want to pay via these apps for transactions in the hospitality sector in Nepal.

In 2019, NRB has banned China-based digital wallets Alipay and WeChat Pay, fearing loss of foreign currency earnings. NRB, the central bank of Nepal, issued a notice, banning their use in hotels, restaurants, and shops in certain areas, especially in Chinese-run businesses.

According to NRB, there is no record of how many transactions have taken place through the two platforms previously, when they were not recorded in Nepal.

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Keywords: WeChat Pay, Nepal, China, Alipay, app, digital wallet
Categories: Payments & Commerce
Countries: China, Nepal
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Payments & Commerce

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