Nepal’s central bank, Nepal Rastra Bank (NRB), has officially banned the use of Chinese mobile payment platforms WeChat Pay and Alipay amid concerns over regulatory compliance and financial security. Although these platforms facilitated seamless payments for Chinese tourists in Nepal by allowing transactions in their currency, neither had registered or received approval under Nepal’s regulatory framework.
The ban aims to protect Nepal’s financial system integrity by addressing risks related to data security, money laundering, and foreign exchange controls. Merchants accepting these platforms must revert to traditional payment methods, impacting the ease of transactions for Chinese visitors.
While the decision reflects Nepal’s cautious approach toward foreign fintech services during early-stage digital payment ecosystem development, it has sparked debate. Some experts view the ban as premature, potentially hindering tourism and international digital adoption, whereas others emphasize the necessity of proper regulation to safeguard consumers and prevent financial crimes.
Nepal continues to promote domestic digital payments through local wallets and banking channels, focusing on financial inclusion and transparency, even as infrastructure and regulatory challenges persist. This move mirrors global regulatory efforts to balance fintech innovation with security and compliance.
