Payments/NP
Nepal
ISO NP · 3 schemes
Summary
- NEPALPAY QR is the national interoperable QR standard
- NCHL (Nepal Clearing House Limited) operates infrastructure
- Fonepay is the largest payment network
- India UPI cross-border active (March 2024)
- 800,000+ merchants accepting QR payments
Banking landscape
Central Bank
- Name: Nepal Rastra Bank (NRB)
- Website: https://www.nrb.org.np/
- Role: Monetary policy, payment systems regulation
Major Banks (2024)
| Rank | Bank Name | Type | Digital Platform |
|---|---|---|---|
| 1 | Nepal Bank Limited | State-owned | NBL Mobile |
| 2 | Rastriya Banijya Bank | State-owned | RBB Mobile |
| 3 | Nabil Bank | Private | Nabil Smart |
| 4 | Nepal Investment Bank | Private | NIB Mobile |
| 5 | Global IME Bank | Private | Global Smart |
Market Structure
- NCHL: Clearing house (10% NRB, 90% banks)
- Fonepay: Largest payment network
- Commercial banks: Major QR adopters
- Wallets: Multiple PSP providers
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| NEPALPAY QR | NCHL | QR Standard | Active |
| connectIPS | NCHL | Interbank | Active |
| Fonepay | Private | Payment network | Active |
| NPS | NRB/NCHL | National switch | Developing |
NCHL Role
- 10% investment from Nepal Rastra Bank
- 90% from commercial banks
- National Payment Switch development
- NEPALPAY QR operator
National Payment Switch (NPS)
- ACI Worldwide partnership (February 2024)
- Unified infrastructure development
- Card payment interoperability
- Retail Payment Switch (RPS) operational
QR code standards
NEPALPAY QR
| Attribute | Value |
|---|---|
| Standard | NepalQR (NRB published) |
| Operator | NCHL |
| Merchants | 800,000+ |
| Interoperability | All BFIs and PSPs |
NEPALPAY QR Features
- National QR scheme/network
- Independent QR scheme operation
- Merchant-level interoperability
- Network-level interoperability
NEPALPAY QR Capabilities
- Mobile banking app scanning
- Wallet scanning
- connectIPS integration
- Real-time settlement
Cross-Border QR Payments
| Partner | System | Status | Volume |
|---|---|---|---|
| India | UPI | Active (March 2024) | Rs 6-8M daily |
| Alipay+ | Wallets | Active (Nov 2024) | 10+ wallets |
| Korea | Planned | Agreement phase | - |
| Singapore | Planned | Agreement phase | - |
| Thailand | Planned | Agreement phase | - |
Mobile payment apps
| App | Provider | NEPALPAY QR | Features |
|---|---|---|---|
| Fonepay | Fonepay | Yes | P2P, P2M, bills |
| connectIPS | NCHL | Yes | Interbank |
| Bank Apps | Various | Yes | Full banking |
| Wallets | Multiple | Yes | Payments |
Fonepay Network
- Nepal's largest payment network
- QR code payments
- Fund transfers
- Bill payments
- Card integration
India-Nepal Cross-Border
- Fonepay and NPCI International partnership
- September 2023 agreement
- March 2024 launch for Indians in Nepal
- Rs 6 million daily transactions average
- Rs 8 million on weekends
- Nepal-to-India scanning delayed (commission issues)
Alipay+ Integration (November 2024)
- Singapore Fintech Festival 2024 announcement
- NCHL and Ant International partnership
- 10+ leading mobile wallets enabled
- 800,000+ merchants in Nepal
- May 2024 collaboration agreement
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| NEPALPAY QR | National QR | NCHL | 800K+ merchants | nepalpay-qr |
| connectIPS | Interbank | NCHL | Banks/wallets | — |
| Fonepay | Network | Private | Largest | — |
Sources
- NCHL - NEPALPAY QR
- connectIPS - NEPALPAY QR
- Fonepay Official
- Kathmandu Post - India QR Delayed
- NCHL - Alipay+ Partnership
- Kathmandu Post - Scan Pay India 2025
- New Business Age - Digital Payment Revolution
- NCHL - Interoperable QR
- Google Play - NEPALPAY Business
- Kathmandu Post - Wait More Weeks