Ctrip's Nepalese Rupee Sales Triple After WeChat, Alipay Ban
Zhang Yushuo
DATE:  May 23 2019
/ SOURCE:  yicai
Ctrip's Nepalese Rupee Sales Triple After WeChat, Alipay Ban Ctrip's Nepalese Rupee Sales Triple After WeChat, Alipay Ban

(Yicai Global) May 23 -- Chinese travel giant Ctrip's Nepalese rupee sales have tripled since the Himalayan nation's central bank banned the use of mobile payment functions on Chinese apps WeChat and Alipay earlier this week.

Using Ctrip is a much more convenient alternative than other options, allowing users to book an exchange online and then collect cash from nearby branches, International Financial Daily reported yesterday. As the Nepalese rupee is a minor currency, it is typically not available at Chinese banks and customers face a long process in order to get hold of Nepalese cash, and automated teller machines on the ground charge big commissions.

Ctrip has been offering such services since 2015, IFD cited Ctrip's forex head Hu Zhengmao as saying. The Shanghai-based firm has all the relevant licenses from the State Administration of Foreign Exchange, he added.

The Nepal Rastra Bank banned WeChat Pay and Alipay because they prevent the government from tracking Chinese tourism consumption as overseas income, it said on May 21, adding that Chinese travelers use the apps illegally.

The move follows similar steps taken in Thailand, Vietnam and Russia, where authorities have warned against or banned the use of foreign payment platforms that do not have government approval.

Editor: James Boynton

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Keywords:   Ctrip,WeChat,Alipay