February 13: Nabil Bank has announced the launch of “UnionPay International QR Code Acquiring Service” through its merchant network that will facilitate merchants to process payment through their mobile device using QR Code for the very first time in Nepal.
With the UPI QR Code service, Nepali businessmen can now sell their products/services electronically in a secure environment using QR Code for UnionPay International cards.
Quick Response (QR) code is a type of matrix barcode (or two-dimensional barcode), reads a statement issued by the bank.
“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,” reads the statement.
With the QR code system, consumers can 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, according to the bank.
The QR code conveys the purchase transaction information on the mobile device where the payment is initiated.
"This service is a milestone in our country for promoting digital banking to the next level. In the first phase, we have targeted this service mainly to Chinese tourist to facilitate their payment requirement towards the goods and services in a very efficient and secure way as the QR Code payment is very popular and widely used in China. In the very near future, we have plans to extend similar service to our bank's customers as well," said CEO of Nabil Bank, Sashin Joshi.
Nabil Bank said it 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 has launched this service in association with UnionPay International.
Nabil Bank claimed that it 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 businessmen and customers will benefit immensely by enabling electronic transactions in a very efficient and secure manner and at low cost.