WeChat Pay (微信支付), one of the widely used third-party payment platforms in China, has expanded its services to 69 countries and regions as of March this year. It has established partnerships with over a thousand institutions and serves more than 4 million overseas merchants.
WeChat Pay finally received permission to operate its electronic transactions in Nepal on June 22nd. The ceremony took place in the popular tourist destination of Pokhara, Nepal, in collaboration between Tencent (腾讯) and Nepal Merchant Bank Limited (NMB), introducing WeChat mobile payment services in Nepal.
WeChat Pay obtained an operational license from Nepal Rastra Bank (NRB) in early February 2020. The authorization from NRB allows WeChat Pay to operate legally and be used in Nepal. However, back on May 21st, 2019, NRB announced a ban on the use of WeChat Pay and Alipay (支付宝) in Nepal because of illegal use by Chinese tourists, which was causing a loss of overseas income for the country.
Residents of Nepal and some other foreign countries have been primarily relying on cash for their transactions, with only a few restaurants and stores accepting card payments. Additionally, Nepalese consumers often face extra charges when using bank cards, which has been a significant barrier to adopting electronic payment methods. The official legalization of WeChat Pay offers Nepalese residents a convenient option without cumbersome transaction fees, enhancing their overall consumer experience.
During the ceremony, an official from NRB expressed that the collaboration between the two parties would provide a safe and convenient cross-border payment solution for Chinese tourists in Nepal, facilitating trade and tourism between Nepal and China. Chen Song (陈松), the Chinese Ambassador to Nepal, also stated that an increasing number of Chinese people choose to travel abroad, and Nepal's tourism market holds great potential. The introduction of WeChat Pay is timely, and China is willing to strengthen policy coordination with Nepal in traditional sectors and emerging areas such as financial services to promote mutually beneficial cooperation.
With the official operation permission of WeChat Pay in Nepal, this initiative is expected to drive the country towards a more convenient and efficient era of electronic payments, bringing greater convenience to consumers and businesses in Nepal.