Nepal bans Chines digital wallet Alipay and WeChat Pay - Daily Current fairs

Post Top Ad

Wednesday, 22 May 2019

Nepal bans Chines digital wallet Alipay and WeChat Pay

The central bank of Nepal has banned the use of China's online payment platform Alpe and Wechat Pay. This decision has been done due to the fear of declining foreign exchange earnings from Chinese tourists coming to Nepal. There are millions of tourists from all over the world including China every year in Nepal. Last year only 1.5 lakh tourists from China visited Nepal.

The Nepal Nation Bank has issued notices to prohibit the use of these online payment platforms in hotels, restaurants, and shops. The bank's spokesperson said, "The country is facing a deficit of foreign currency, so these platforms have been banned.

It is illegal to use them without the permission of the bank. Strict action will be taken against those who violate the ban. They also said that the transaction through them is not recorded in Nepal, hence there is no data of this either.

Wechat and Alpee are China's two major payment platforms. Alipay was started by e-commerce giant Alibaba. Wechat is belonging to a Chinese multinational company Tencent.

No comments:

Post a comment

Post Top Ad