Smart QR & NEPALPAY QR: A collaboration agreement is signed by Smart Choice Technologies Ltd. and Nepal Clearing House Ltd. to create network interoperability between the NepalPay QR and Smart QR networks. Today, a formal agreement was made amongst the businesses participating in the initiative. In the presence of Mr Guru Prasad Poudel, Executive Director, Payment System Department of Nepal Rastra Bank. And other senior NRB officials, Board members of both companies, and various media representatives. Mr Narayan Prakash Bhuju, CEO of Smart Choice Technologies Ltd., and Mr Neelesh Man Singh Pradhan, CEO NCHL sign the agreement.
It is anticipated that the acceptance and use of QR-based payments would increase as a result of this relationship between SCT and NCHL, which marks a significant development in QR interoperability. In order to achieve interoperability, SCT and NCHL will now endeavour to integrate QR through NPS. With this, clients who have Smart QR enabled on their issuing devices. Such as mobile banking or wallets, may scan and make payments to the businesses registered with NEPALPAY QR. Similar to this, users utilise mobile wallets, mobile banking, or connect IPS under NEPALPAY QR. Will be able to scan Smart QR and make payments to businesses participating in the Smart QR network.
Customers will be able to pay using any QR code. But member BFIs and PSPs will not need to acquire a single merchant. Through numerous channels, which will make payment reconciliation easier for retailers as well. While Smart QR has more than 160,000 active merchants, NEPALPAY QR has more than 70,000 merchants that have been acquired. In accordance with the Nepal QR specifications made public by NRB. And as a component of the National Payment Switch, NCHL has installed NEPALPAY QR.
It functions as a stand-alone QR scheme and enables merchant- and network-level QR interoperability. Over 57 institutions have already signed up for NPS. Including 27 commercial banks, 5 development banks, 12 financing firms, and 13 payment service providers. An integrated shared switching payment network and the domestic proprietary card scheme (SCT) were first introduced in Nepal by Smart Choice Technologies Ltd.
Most commercial banks, development banks, PSPs, and other financial institutions in Nepal have access to its wide range of payment services and platforms. It offers significant digital banking services such as the SCT UPI Debit Card, Smart QR, Fast Banking, and nPay and is a key player in Nepal for advancing digital payments.
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