Top Mobile wallets/Online Digital payment providers in Nepal

The cashless economy has been a common concept these days. A lot of debates and brainstorming have taken place on this topic. Digital payment is the newest breakthrough in information and technology. Online payment through the wallet is a global practice and Nepal can not remain untouched. While Nepal is still miles away from establishing a cashless society, attempts have been made by the government and the private sector to achieve this aim. There are now a number of digital online payments or mobile wallet platforms/gateways in Nepal. This post will be given by the top online digital payment processor and mobile wallet platforms available in Nepal.

In Nepal, the idea of automated payment service providers began with Nabil Bank's launch of a credit card in 1990. Kumari Bank has been the initiator of online banking in Nepal. While it took some time for these services to be part of people's lives, digital payment platforms are now popular with Nepali consumers.

The Short History of Digital Service Providers in Nepal

The digital/mobile wallet idea began in 2009 after the introduction of eSewa by F1 Soft International. The launch of eSewa has revolutionized the idea of digital payment in Nepal. Since then, there have been various providers of digital payment services in Nepal. Since eSewa, other payment schemes such as Khalti, IME Pay, QPay, iPay, etc. have launched their services. 

Digital payment systems are mainly used for energy transfers (electricity, water bills), telephone top-ups, airline ticketing, film ticketing, and purchases. 

Online digital payment service has simplified people's lives when people don't have to wait up for hours to pay bills. You're only one tap away from recharging your smartphone balance and purchasing a ticket for your favorite movie. When you use these applications for any order, you will get various incentives to use their programs, including cash back.

#1 iPay Nepal

iPay is a program of muncha.com products associated with online shopping in Nepal. Muncha.com acts as an intermediary for consumers and online customers. You will have the Android and iOS versions. 

You will easily open the software account and load the account. However, you can only load your account from the site for now. This fund will be used for payment to iPay-signed merchants. It has maintained two levels of authentication for a transaction where you are expected to enter a transaction password.

Although it was released a long time ago, it has not been able to persuade more people to use it. The explanation for this is that it has only five affiliate banks and is constrained when it comes to mobile top-ups, airline ticketing, utility payment, and other services. 

The software needs your email ID to sign up and you need to enter your email ID every time you log in. You can download the app from the Play Store or iOS store.

#2 Prabupay

Prabhupay is also one of the most recent digital wallet payment providers operated by Prabhu Group. Getting a bank of its own, PrabhuPay helps one to move funds from 20 separate banks to the wallet. The best thing is that you can also switch money from one of the sites in the PrabhuPay Ecosystem to another. 

Topups for cell phones, power bills, water, internet, travel/movie tickets, and more can be made from the PrabhuPay wallet. PrabhuPay says they have several layers of protection to make payment safe.

You may connect many forms of debit/credit card to the app by simply logging in the app. You will also receive 1 bonus point after paying Rs 100 for the payment of the bill. 

As several digital payment services now work on the market, the survival of the fittest principle will quickly come into action.

#3 IME Pay

IME is a common country provider of remittance services. They are now giving their consumers a great one in all digital wallets. IME Pay is one of the new digital payment service providers in Nepal that has become famous in recent years. 

It provides a wide variety of payment gateways for its customers. The services provided in this system include airline ticketing, bus ticketing, utility payment, remittance, ISB payment, mobile bill payment, etc. 

The wireless wallet also gives you tickets for the Chandragiri Hills cable car. You will live a digital life that is trouble-free with no wait and no penalty for delay. You should either do your job at home or even while you're on the go.

Users should use IME Pay for a remittance program where the sender and the recipient can use the wallet to transfer and receive money. There is very little way to launch your wallet with online banking. When more banks are taken on board, this app has the ability to expand more. 

If you're going to use this digital wallet as an IME Pay agent, you can download the IME Pay Agent app. This would be beneficial for investigators as they will make use of all the services on their smart devices. The Agent software is now available for free download in the Android app store.

#4 Amejpay

Amej Pay is a digital payment gateway that has its own safe and fast payment network. You can easily load and fund it and withdraw it. Every hotel will be the Merchant of Amej Pay. Amej Pay provides easy financial transactions globally through QR codes.

Features of Amejpay 

• Easy Payment through QR Codes
• Reduce Trouble of Currency Exchange
• Easy Wallet Up
• Transparent Transaction
• Support Other Networks
• Easy Load and Withdrawal of Fund
• Online Recharge using Debit/Credit Card

Some other mobile wallet service providers

Besides the digital wallets listed in the list, there are several other digital wallet service providers in Nepal, such as DigiPay, QPay, Pay Well Nepal and more. QPay has become successful in recent days with more users both installing and using its services. The investment of IMS (Samsung Distributor) was also introduced by another payment company called CellPay. Bunch of new digital payment systems is also being launched, including from CG. 

These days the number of mobile wallets is rising day by day, offering the same kind of services. So, we may say that mobile wallets are mushrooming in Nepal with no such variations. As a consequence, none of them can support themselves well in a highly competitive sector. But either combining or doing something new would certainly give them a strategic edge over others.

It is also the responsibility of the government to control and facilitate such payments. The government may also operate on a single payment portal, operated by the Nepal Rastra Bank, to allow direct wallet payments without the need to load funds. 

The NRB has also placed a cap on digital payments in Nepal. The payment volume has been raised, which is promising for the digital payment industry in Nepal. 

You may also use smartphone applications from various banks that offer services close to those digital wallets. 

The latest trend shows that the competition between these digital payment players is based on their widespread availability in shops (online/offline). As a result, these mobile wallet providers are growing their availability in more merchants with the simplest QR code payment option. 

In the present case, it was quite easy to make digital/mobile wallets do nearly all the work that paper money does