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A total of 1 billion 587 million rupees has been earned by foreigners through more than 524 thousand transactions in Nepal through QR code. According to the recent report of Nepal Rastra Bank on 'Major Works and Achievements from 2077 to 2081', this amount has been accumulated in the transactions in Nepal through India's UPI and China's Alipay Plus, Union Pay and Wichat.
Only 5 lakh 19 thousand 31 transactions were made through 'UPI Acquiring Service' (amount paid by foreigners using QR in Nepal) which was started from February 2080. It is mentioned in the statement that an amount equal to 1.49 billion rupees has been received from this.
This is a transaction involving Nepal's PhonePay Payment Service Limited with India's Unified Payments Interface (UPI) system.
Similarly, since July 2081, more than 101 million foreign payments have been accepted through 5 thousand 129 transactions through Alipay Plus, Union Pay and WeChat system. The National Bank has also granted approval to service providers for acquiring (paying by foreigners in Nepal) and international issuing (paying by Nepalis abroad).
The data of Rashtra Bank shows that the international acquiring business is continuously increasing . In February 2080, when there were 6 thousand 8 transactions, 1 crore 5 lakh rupees were collected. It seems that the transaction number and Rukum have doubled in the next month i.e. 2080 Chait .
In March, Nepal received 32 million rupees for 13 thousand 831 acquiring transactions using QR code. Since August 2081, the transaction amount has continuously increased from 10 million rupees to 13 million rupees in October, 15 million rupees in October, 19 million rupees in November, 31 million rupees in January and 26 million rupees in January.
Rastra Bank has given approval to PhonePay and UPI to cooperate for international transactions through QR code from February 2080 . Rastra Bank has indicated that the expansion of international Person to Merchant (PtM) transactions through QR codes has benefited small businesses especially those connected to tourism.
Indian citizens working in Nepal can remit funds digitally to their accounts in India through international issuing transactions. "Indian citizens working in Nepal can send the amount of salary by electronic banking (e-banking), interbank payment, mobile banking, QR and deposited in the personal account opened in Indian banks and financial institutions," the report says, "the amount including passport facility has been arranged to be paid abroad in convertible foreign currency."
