January 29, 2021 | Investopaper
Nabil Bank Limited has successfully inaugurated Quick Response (QR) Payment Service in Kuleshwor Fruit Market as a result of which customers can now easily make QR code payments using their mobile banking application or digital wallet. The program was formally inaugurated by Nepal Rastra Bank’s Governor, Mr. Maha Prasad Adhikari in the presence of NRB’s Executive Director, senior management staff of Nabil Bank, executive members of Nepal Falful Thok Byabasaya Sangha, and President of Krishi Bazar Bikas Co.
QR code payments are a faster and hassle-free form of digital payments that serve as an innovative alternative to cash or debit/credit card payments with no transaction costs involved. Nabil Bank has been onboarding QR merchants since March 2020 to facilitate contactless payments and promote digital transactions. Currently, the Bank has 750+ QR merchants all across the country which is significantly growing by the day.
Speaking about the program, Governor of NRB, Mr. Maha Prasad Adhikari said “QR code payment is an innovative payment system which is currently on the rise especially because of the Covid – 19 pandemic after which digital banking has become the need of the hour. Financial institutions like Nabil Bank are playing a proactive role in enabling digital payments to enable financial access, financial inclusion, transparency, and economic prosperity.”
Likewise, Mr. Anil Keshary Shah, Chief Executive Officer of Nabil Bank said “Over the years, we have witnessed innovation in payment systems in Nepal as a result of which people are slowly shifting from cash to digital payments. Having said that, there remains a significant portion of transactions that are still done through cash. In today’s digital age, there is an imminent need to introduce innovative technologies that facilitate digital payments. Nabil QR Code is an easy, secure, and affordable form of digital payment service, which we believe will have a significant contribution to economic prosperity’.
Nabil Bank is the pioneer private sector bank of Nepal. It has always been at the forefront in adopting new technology and introducing innovative products and services. With the launch of the Nabil Digi Bank unit, the Bank is exploring digital avenues to cater to the customers’ needs. The Bank aims to be the first digital bank in the country and Nabil Digi Bank is progressively improving customer touchpoints and internal processes to achieve the goal.