WeChat Pay, a China-based payment service provider, had received permission to operate its electronic payment service in Nepal back in February. The approval was granted by Nepal Rastra Bank (NRB). Eventually, NIC Asia Bank starts WeChat Pay service in Nepal
NIC Asia Bank has launched a payment service to its merchant through the WeChat Pay mobile wallet, which will positively benefit the Chinese tourist visiting Nepal to make payment directly from their WeChat mobile wallet.
A tripartite agreement between CEO of the bank Mr. Roshan Kumar Neupane, CEO of First Pay Technologies Mr. Biplav Joshi, and Vice President of Swift Pass of China, Mr. Magic Tang, was signed.
How will it benefit users?
The WeChat Pay mobile wallet users can now make payments by scanning QR codes kept at merchants with an association with the bank. The merchant who wants to achieve the payment method can apply to the process through the bank’s website.
The tourism sector will be highly beneficial through the payment system. Although the coronavirus pandemic has decreased the number of tourists worldwide, China, being a neighbor country, many Chinese tourists visit Nepal monthly.
The WeChat app, first released in 2011, is popular among the Chinese, which led to WeChat Pay’s launch and successfully made its progress since 2013.