UnionPay, Prabhu Bank jointly launch special offers for financial services
By waiving the charges for digital payments, UnionPay International hopes to encourages customers to make payments via their mobile phones or online to avoid face-to-face contact.
March 28, 2020 / 04:50 PM IST
UnionPay International has collaborated with Prabhu Bank of Nepal to launch special offers for cash withdrawal and mobile/online/card payments for this crucial period of time.
From today, customers with UnionPay debit cards issued by Prabhu Bank are able to enjoy three-fold benefits: First, no charges for inter-bank cash withdrawal at ATM terminals across Nepal. Second, no charges for digital payments including mobile payment and online payment. Third, cash back for payments at merchant POS terminals in Nepal.
In this crucial period of time, UnionPay International believes that it is its social responsibility to provide quality and cost-saving financial services for the local customers and businesses.
With the waiver of inter-bank cash withdraw charges, Prabhu UnionPay cardholders are able to conveniently get cash from the ATM terminals in their vicinity. By waiving the charges for digital payments, UnionPay International hopes to encourages customers to make payments via their mobile phones or online to avoid face-to-face contact. The cashback for POS payments aims to bring benefits to both customers and merchants. For single payment of 500 to 999 NPR, customers will get 100 NPR cashback; 250 NPR cashback for single payment of 1000 to 4999 NPR; and 500 NPR cashback for single payment above 5000 NPR.
UnionPay International entered Nepal in 2010 and has since conducted its business complying with the requirements of Nepal Rastra Bank. In July 2019, UnionPay International was granted by Nepal Rastra Bank with the country's first Payment Systems Operator (PSO) license for an international company. With this license, UnionPay International is given the qualifications for to conduct various business, including card acceptance and issuance, QR code payments, and switch network construction. So far, UnionPay QR code payment has become the first legal cross-border QR code payment solution in Nepal, while UnionPay becomes the only international card brand allowed to carry out e-wallet and QR code payment business in Nepal.
As of date, almost 100% of the ATM and POS terminals in Nepal accept UnionPay cards, and 29 local institutions have issued UnionPay cards. UnionPay QR code are also interoperable by various local digital wallets. Prabhu Bank is among the most important partners of UnionPay International in Nepal. The Bank started issuing its first UnionPay card in December 2019. A substantial number of cards have been issued in just three months and the transaction volume of these cards has been growing steadily.