UnionPay International can now provide electronic card network and card clearing services in Nepal as the central bank has provided a license for the payment system operator to the Chinese company to facilitate transactions with business sectors located in China.
Chinese envoy to Nepal Hou Yanqi twitted – making public the information of licencing of UnionPay International – congratulating the Chinese company for obtaining the first payment system operator license for an international company. “We expect and encourage more Chinese companies to come to Nepal to conduct business under the premise of compliance," she twitted.
According to the central bank, the license has been provided to the UnionPay International Company Limited – registered at Shanghai Administration for Industry and Commerce, Shanghai China – in line with the Licensing Policy for Institution, Mechanism Operating Payment Related Activities, to carry out ‘Electronic Card Network and Payment Switch’ related activities under the direction, terms, and conditions issued by the Nepal Rastra Bank (NRB).
Unlike earlier, the transaction done by UnionPay International – that claims to offer the payment service in 174 countries – will now be recorded in Nepal’s banking system, now on wards. Earlier, some 2 months ago, the central bank had banned the use of Chinese digital wallets WeChat Pay and Alipay in Nepal saying that Nepal was losing foreign income due to illegal use of those payment applications by Chinese tourists.
Payment system providers are systems established with the objective of processing, routing, switching, operation, control and clearing of payment related activities. They can also help settle cross border transactions via an electronic system.
The central bank has already provided similar license to four domestic payment sevice providers including Prabhu Technology, Nepal Clearing House, SmartChoice Technologies and Nepal Electronic Payment Systems.
Chinese envoy to Nepal Hou Yanqi twitted – making public the information of licencing of UnionPay International – congratulating the Chinese company for obtaining the first payment system operator license for an international company. “We expect and encourage more Chinese companies to come to Nepal to conduct business under the premise of compliance," she twitted.
According to the central bank, the license has been provided to the UnionPay International Company Limited – registered at Shanghai Administration for Industry and Commerce, Shanghai China – in line with the Licensing Policy for Institution, Mechanism Operating Payment Related Activities, to carry out ‘Electronic Card Network and Payment Switch’ related activities under the direction, terms, and conditions issued by the Nepal Rastra Bank (NRB).
Unlike earlier, the transaction done by UnionPay International – that claims to offer the payment service in 174 countries – will now be recorded in Nepal’s banking system, now on wards. Earlier, some 2 months ago, the central bank had banned the use of Chinese digital wallets WeChat Pay and Alipay in Nepal saying that Nepal was losing foreign income due to illegal use of those payment applications by Chinese tourists.
Payment system providers are systems established with the objective of processing, routing, switching, operation, control and clearing of payment related activities. They can also help settle cross border transactions via an electronic system.
The central bank has already provided similar license to four domestic payment sevice providers including Prabhu Technology, Nepal Clearing House, SmartChoice Technologies and Nepal Electronic Payment Systems.
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