Kathmandu's fruit market gets QR payment service through Nabil Bank


Nabil Bank Ltd 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 programme was formally inaugurated by Nepal Rastra Bank's Governor Maha Prasad Adhikari in the presence of central bank'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 faster and hassle-free form of digital payments which 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-plus QR merchants across the country which is growing by the day.

"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," Governor Adhikari has been quoted as saying in the programme as per a media release.

Likewise, Anil Keshary Shah, chief executive officer of Nabil Bank, said, "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."

A version of this article appears in the print on January 31, 2021, of The Himalayan Times.