Nepal-based Nabil Bank is set to introduce Union Pay International QR Code Acquiring service in the country to potentially eliminate the need for Point of Sales (POS) terminals.
The service will enable UnionPay International cardholders to use QR code system for processing their payments at merchant outlets using smartphones.
When a customer scans the QR code, it transmits transaction information to the mobile application, where the card details are stored and payment is initiated.
Through the new service, the bank intends to provide efficient and secure electronic transactions for both merchants and customers.
Nabil Bank CEO Sashin Joshi said: “In the first phase, we have targeted this service mainly to Chinese tourists to facilitate their payment requirements in Nepal.
“This will allow them to pay for goods and services in a very efficient and secure way as QR code payment is widely used in China.”
Over the coming months, the bank is planning to expand the new service to its own members.