China-based digital wallet Alipay to launch in Nepal

Tuesday 4 June 2019 08:10 CET | News

Representatives from Alipay and from the central bank of Nepal have met to discuss the launch of the China-based digital wallet in Nepal.

In May 2019 Nepal Rastra Bank (NRB), the central bank of Nepal, issued a notice banning the use of Chinese digital payment platforms – like Alipay and WeChat Pay – used in hotels, restaurants, and shops in certain areas, especially in Chinese-run businesses.

However, the government of Nepal announced that they would be willing to work with these payment services to ensure the comfort of the guests from other countries. Following the recent meeting between representatives from Alipay and NRB, it was decided that transactions in Nepal using Alipay will go through Himalayan Bank. According to an official from NRB, Himalayan Bank has requested permission from the Foreign Exchange Management Department of the central bank to settle foreign exchange transactions coming from Alipay.

Once Himalayan Bank gets permission, Chinese tourists visiting Nepal will be legally able to use Alipay to purchase goods and services. The proceeds from sales will be deposited in Himalayan Bank in US dollars. Moreover, this system means that customers from Nepal will also be able to use Alipay while visiting China.

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Keywords: Alipay, central bank, Nepal, Nepal Rastra Bank, NRB, launch, China, digital wallet
Countries: World