Visa Marks 20 Years of Growth and Innovation in Nepal
Over 147mn transactions totaling US$12.7bn processed through Visa network
Kathmandu, 19 June 2017 – Visa, the global leader in payments technology, is this month celebrating two decades of operating in Nepal. Since the first Visa card was launched in 1997, Visa has led Nepal’s transition from magnetic stripe cards to EMV chip technology, powering the country’s adoption of digital payments.
Over this period, Visa has processed over 147 million transactions totaling US$12.7 billion across Nepal, in the process growing its card base to nearly 3 million Visa cards in the market .
Commenting on the milestone, TR Ramachandran, Visa’s Group Country Manager, India & South Asia said, “Nepal is one of our key growth markets. With an increased focus on electronification of payments and the eCommerce industry booming in the foreground, Nepal is taking rapid strides towards new age banking.” He further added, “In 2017 alone, we have managed to grow our transactions by over 42%, our payment volumes by over 35% while managing a 22% growth in issuance of new cards. We will continue to accelerate this progression by deepening our partnerships in Nepal and leveraging our global payments network to introduce new innovative payment solutions in the country.”
In Nepal, Visa is associated with leading financial institutions and merchants across the country, offering consumers the choice of using their Visa products across over 6000 point of sale outlets and numerous online platforms. As part of its growth plans, Visa continues to invest in the development of the acceptance infrastructure that would stimulate the adoption of digital payments in the country.
Visa’s pioneering efforts over the past two decades have played a pivotal role in helping a traditional cash based economy such as Nepal gradually transition towards a digital payments ecosystem. The rapid penetration of eCommerce and mobile technology is further complementing this change.
At the core of this expansion has been Visa’s relentless focus on creating a secure environment that fosters growth of digital payment systems in Nepal. Towards this end, Visa has been instrumental in helping form the Card Industry Council of Nepal (CICN), a council formally recognized by the Nepal Bankers Association. CICN currently comprises of Nepal’s leading banks and is mandated with suggesting appropriate rules and regulations, sharing information across banks and managing fraud levels across the industry.
The World Bank expects the Nepal economy to grow at a healthy 5.6% during 2017 with robust recovery of key sectors. This combined with the proactive approach by the country’s central bank, Nepal Rastra Bank is widely expected to further propel the country’s move towards a less cash economy. Visa expects to play a key role in this transition over the next few years as it has been over the past 20.