UnionPay International becomes the first international company granted with Nepal’s first Payment Systems Operator license
UnionPay International announced today that it was officially granted by Nepal Rastra Bank (the Central Bank of Nepal) with the country’s first PSO (Payment Systems Operator) license held by an international company. With this license, UnionPay QR Code has become the first legal Cross-border QR payment solution in Nepal. UPI is also allowed to provide services as a payment system supplier, including carrying out card issuance collaboration with local banks and other financial institutions.
In 2010, UnionPay International entered Nepal and started its business complying with requirements of the Central Bank of Nepal. In 2016, the Central Bank of Nepal ordered new rules that all companies conducting payment services in Nepal should apply for a license. In response to this new requirement, UnionPay International actively applied at once. As the first international payment company issued this license, UnionPay’s service capabilities and compliance management are recognized by the Central Bank of Nepal.
So far, UnionPay QR Code payment service is accepted at more than 10,000 merchants in Nepal. These include popular brands such as KFC, Pizza Hut and Minoso. More than 20,000 local merchants will be able to accept UnionPay QR Code payment by the end of 2019, covering sectors of F&B, retail and transportation.