The launch was made in wake of the crucial time period as stated by UPI, cited by IBS Intelligence. Customers with UnionPay debit cards issued by Prabhu Bank won’t face charges for inter-bank cash withdrawal at ATM terminals across Nepal. Digital payments including mobile and online payments will not be subject to charges; and cash back for payments at merchant POS terminals in Nepal is offered. UPI stated that it is its social responsibility to provide quality and cost-saving financial services for local customers and businesses.
As of date, almost 100 percent of the ATM and POS terminals in Nepal accept UnionPay cards, and 29 local institutions have issued UnionPay cards. The UPI QR code are also interoperable by various local digital wallets. Prabhu Bank began issuing its first UnionPay card in December 2019 and thereafter a substantial number of cards have been issued within 3 months with the transaction volume said to be growing steadily.
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