Tuesday April 07,2020

News FY 2075-76

Nabil UnionPay International (UPI) Quick Response (QR) Payment Service launched

Nabil Bank is pleased to announce the launch of “QR Code Payment Service” in association with UnionPay International (UPI) and Rojgari Services Private Limited. Nabil Bank, country’s first and largest private sector commercial bank, UPI, a leading international payment association and Rojgari Services, a recruitment solution company, has formed a QR merchant development alliance.

The alliance/partnership brings together pool of expertise in QR payment solution, acquiring/payment services and network development. Rojgari services shall develop QR merchant network across the country for Nabil Bank that will enable customers to process payment through their mobile device using QR Code from those merchant touch points. At the same time, with UPI QR Code service Nepali businesses can now sell their products/services electronically in a secure environment. Rojgari Services will build the Bank’s QR acquiring portfolio with 10,000 merchants over the period of one year. Over the time Nabil Bank expects to deliver enhanced suite of QR payment solution to its customer and merchants.

Quick Response (QR) code is a type of matrix barcode (or two-dimensional barcode). A barcode is a machine-readable optical label that contains information about the item to which it is attached. A QR code consists of black squares arranged in a square grid on a white background, which can be read by an imaging device such as a camera, and processed using Reed–Solomon error correction until the image can be appropriately interpreted. 

From each QR merchant outlet equipped with QR code system, consumers scan the QR code displayed on the checkout counter at merchant outlets with their phones to pay for their goods/services. It's a completely new approach to the typical payment process where the need of physical Point of Sales (POS) terminals can be avoided and no physical contact of the card is required. The QR code conveys the purchase transaction information to the application on the mobile device where the payment is initiated.

Commenting on the agreement, Anil K Khanal, Deputy Chief Executive officer, Nabil Bank, said “We continue to work towards promoting digital banking and innovative solution as we have been delivering such innovative payment solutions to our customer since long. This partnership will help towards building an ecosystem for QR payment in the country and expand our service offering to the next level.” 

Nabil Bank is a pioneering principal member of Visa International, MasterCard International and UnionPay International in Nepal and issues debit, pre-paid and credit cards and acquires card transactions through its ATM and Point of Sales (POS) network. 

Nabil Bank has always been in the forefront in adopting new technology and introducing innovative products and services. With the launch of the UPI QR Code Acquiring Service both businesses and customers will benefit immensely by enabling electronic transactions in a very efficient, secure and at low cost.

About UnionPay International 
UnionPay International (UPI) is a subsidiary of China UnionPay which is an International Payment Association. UPI has partnered with more than 2,000 institutions worldwide, UPI has enabled card acceptance in 171 countries and regions with issuance in 50 countries and regions. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world’s largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.  

About Rojgari Services Private Limited
Rojgari Services is a leading HR services and recruitment agency that provides connectivity opportunities between employers and workers in the most convenient and systemic ways aiming to contribute primarily in increasing employment rate in the country. Having specialization in HR services, Rojgari has their presence in four key strategic locations Kathmandu, Pokahara, Ithari and Butwal.