The small Himalayan nation’s central bank wants to prevent Alipay, WeChat Pay transactions from bypassing the local banking system
Nepal’s central bank dealt a blow to Chinese mobile-payment giants that have been aggressively expanding abroad, restricting the use of these platforms after finding that some transactions they facilitated in the small Himalayan nation flouted its laws.
Earlier this week, Nepal Rastra Bank, the central bank and banking regulator, issued a terse notice saying certain types of foreign-payment transactions were illegal, and offenders could be prosecuted under the country’s foreign-exchange laws.
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