KATHMANDU: Smart Choice Technologies Ltd. (SCT) launched a contact-less-Debit and Prepaid (domestic &international) card with the collaboration of UnionPay International on Wednesday at a program in Kathmandu.
Inaugurating the innovative products and services, Deputy Governor of Nepal Rastra Bank (NRB), Chintamani Siwakoti said innovative services bring new opportunities and convenient service in the country.
“Since there is always a higher risk of vibrant cyber crime, it is high time that we focused on securities issues while introducing technology based innovative services”, he suggested.
Liu Heng, General Manager of Union Pay International for Hong Kong, Macau and South Asia region said that Nepali customers will benefit from the Union Pay services in Nepal. He said that the company’s target is to do a long-term business in Nepal.
On the occasion, Devi Prakash Bhattachan, Chairman of SCT explained about the inter-operability of different payment service provider such as QPAY, Prabhu Pay and IME Pay, to launch UnionPay standard QRC payment, compatible with the EMVCo specifications, as a value added service.
Under the collaboration, SCT cardholders will be able to leverage on the UnionPay’s global footprint to make both online and real-time purchases.
This UnionPay card is especially ideal for small as well as medium enterprises looking to do trade with China, a leading market.
He said that the prepaid card will offer additional security for travelers and online buyers shielding them from online fraud and the erosion of their savings.
UnionPay cards are accepted at over 27 million merchants in 173 countries and regions. In addition to supermarkets, UnionPay’s acceptance at general merchandise, transportation, catering and many other types of merchants is gradually improving.
Currently, holders of more than 7 billion UnionPay cards are able to enjoy secure, convenient and preferential payment services provided by UnionPay International and its partners in 171 countries and regions.
On July 15, the Nepal Rastra Bank (NRB) granted a license for the payment system operator to Chinese company–UnionPay International to provide its services in Nepal.
The NRB stated that the license has been provided in line with the Licensing Policy for Institution/Mechanism Operating Payment Related Activities, to carry out “Electronic Card Network and Payment Switch” related activities under the direction, terms, and conditions issued by the NRB.
Established in 20001, the SCT had deployed a first-of-its-kind initiative in Nepal creating an integrated shared services network (SCT-Network) for Automated Teller machines (ATMs) and point-of-sale (POS) Terminals, managed to inter-operate financial transactions between different financial institutions.
In 2015, the SCT tied up with UnionPay International to extend its card services within and outside the country.
The SCT is the first certified Payment Card Industry, Data Security Standard (PCI DSS) certification for payment system in Nepal. Furthermore, it has also been awarded Payment Service Operator license from central bank of Nepal (Nepal Rastra Bank).
The company’s major stakeholders include Prabhu Group, IME Group & Himalayan Bank Ltd. with the paid up capital of NRs. 250 million