Technological advancement in today’s world has led to digitization of money. Cashless economy, nowadays, has become the goal of several countries. Introduction of cryptocurrency and digital wallets are major step towards cashless economy.

Digital Wallet, also known as e-wallet or mobile wallet, is a virtual wallet that is operated online through internet. It is also known as online payment gateway. Digital wallet enables one to complete their financial activities and transactions through few clicks and swipes. In context of Nepal, since 2009 several digital wallets have been developed and licensed as Payment Service Provider.     

5 Best Digital Wallets in Nepal

eSewa 

Launched in 2009, eSewa is Nepal’s first online payment gateway. It has also been licensed by Rastra Bank as Payment Service Provider. Pursuing their goal to create a cashless economy, it is covering almost every sector and is always expanding their services.

Having largest group of users makes eSewa the topmost digital wallet in Nepal. Some of the services of eSewa are: utility bill payments, school fees payment, movie and flight ticket bookings, insurance premium payment, etc.

Khalti

Launched in January 2017, Khalti can be regarded as emerging and rapidly growing mobile wallet, payment gateway and service provider. Their goal is to simplify the lives of people by bringing financial inclusivity to every individual in Nepal and take the payment industry from offline to online through best practices.

Having best technical team and innovative actions makes Khalti second best digital wallet in Nepal. Some of the services provided by Khalti are: utility bill payments, hotel bookings, movie and domestic flight bookings, events, etc.

Other than phone application, it also has a web version. Also, it has a biometric security option that facilitates the user to carry out their transactions by a simple touch of the fingertips.        

IMEpay

IMEpay is a mobile money service launched by IME Digital in order to provide digital payment solution. It has also been licensed by Rastra Bank. IMEpay, one of the emerging digital wallets, aims to cater vast majority of banked, unbanked and under-banked customers of Nepal. 

IMEpay, a Fintech mobile application, provides services like Remittance service, bus and cable car ticketing, domestic flight bookings, utility bill payments, ISP payment, etc.        

PrabhuPay

PrabhuPay allows its users to simplify the payment process. With this App, the consumers can easily make payments for the goods purchased and services rendered. Also, users can transfer small value fund to consumers within PrabhuPay network.

Being a digital wallet from the Prabhu group, it provides various services such as utility bill payments, insurance premium, internet and TV bills, etc. 

Comparatively, PrabhuPay is a new digital wallet and lacks in some features; however, it is very efficient in its current state.

I-Pay

Launched in 2010 by Muncha.com, IPay excels in online shopping while compared to others. IPay exclusively rewards its customers in almost all payments or transactions. It provides services such as: top-up, utility bill payments, flight and ticket bookings. IPay is also planning on expanding its services.  

Besides these, there are several other digital wallets in Nepal that didn’t make it to the list of top 5 e-wallets such as QPay, EnetPay, etc. All these digital wallets are directing our country, Nepal towards a better future and eventually towards cashless economy.

 

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The electronic transaction is found have been increasing as a result of the lockdown imposed by the government to stem the spread of the Coronavirus. As of the second week of the lockdown, e-transaction worth Rs. 35.6 billion has been recorded, according to Nepal Clearing House Limited. The transaction was worth Rs. 18.6 billion in the first week of the lockdown. The NCHL has been using five national payment systems including the NHCL-ECC, NCHL-IPS, Connect IPS, Connect RTGS and NPI. Almost all the banks including the central bank, Nepal Rastra Bank are affiliated to the system.

Among the systems, electronic cheque clearing (NCHL-ECC) and Inter-banking payment system (NCHL-IPS) will provide clearing until the situation turns normal. Likewise, the NHCL-ECC clears the cheque collected by 1:30 every day and the NCHL-IPL of the payment order received until 1:00 pm, and the clearance is done on the same day. Those received after the deadline are cleared the next day.

The NCHL's connect IPS provides mobile and e-banking business and transaction round-the-clock through its mobile application and website and that of the particular banks. 

E-wallets mostly used to top-up mobiles, cable and internet during the Coronavirus lockdown

A countrywide lockdown to stop the spread of the coronavirus, e-wallets have become the best option for people to top-up the balance in their mobile phones. As per service providers, use of digital wallets has increased significantly. People are unable to go outside to purchase recharge cards and even the related Telecom providers are unable to supply recharge cards in the market. Hence, the digital wallet has become the best option for mobile top-up.

Likewise, people are also using the digital wallet for payment of cable television and internet bills. Moreover, e-wallets service providers creating awareness among people regarding the significance of digital wallet to go cashless. Banks and other government and private sector offices are all encouraging online payment to maintain social distance.

Meanwhile, some internet service providers have also provided internet service even after the subscription time has expired as people are unable to go outside to pay bills.

The major part of the digital transaction has been somehow affected due to the lockdown. Yet, people are becoming more aware, which could be beneficial in the coming days. The increasing threat of coronavirus, the Nepal Government has also recommended citizens to go cashless and use digital platforms for financial transactions.

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Digital payment is the payment made through online and digital mediums when products are bought through various online Platform. Both the payer and payee must be the user of the digital payment platforms in order to send and receive money. In the context of Nepal, one can see that the use of the digital payment system is increasing day-by-day, especially during the post-COVID scenario.

Digital payment has proven itself to be the best alternative for the traditional method of payment i.e. via cash and cheque. It, also, has made it easier for the individuals and companies to clear their transactions effortlessly, sitting in one corner of the room/ office with few clicks.  

Currently, in this post-COVID scenario, the number of digital payment transactions is surging along with new online portals and platforms. Various banks and financial institutions (BFIs) have developed their own applications and websites promoting digital payment. Besides the banking sites, the widely used digital payment platforms are E-wallets such as E-Sewa, Khalti, IMEpay, Enetpay, etc. In present, as the other businesses are facing downfall, the business of the digital payment platform is escalating. E-Sewa is the oldest and most popular E-wallet comprising of 3 million users launched in 2009 AD. And, Khalti is emerging E-wallet launched in 2017 AD.
The introduction of different applications such as connectIPS, fonepay, etc. have eased the digital payment system and the digital payment process.

Due to the risk of contagion and spread of COVID, currently, several individuals prefer online transactions be it the purchase of goods or payment of goods and services or receipt of income and salaries. This has led to dramatically increase in the usage of e-wallets such as E-sewa, Khalti, etc. , mobile banking, e-banking, etc. for payment of internet bills, utility bills, balance top-up, online shopping, etc. 

Likewise, many companies are also carrying their business out of harm’s way. Different business transactions such as payment to suppliers, salary to employees, etc. are handled through online bank transfers. 

The major advantage of rising digital payment transactions is- the government revenue is increasing as tax is imposed on every transaction that is made through digital mediums. Also, it has fast transaction speed and the threat of theft is reduced as our money is digitalized. 

As the digital platforms are attracting lots and lots of customers today, different sectors, from vegetable, fruits, and other perishable product sectors to automobiles and gadgets, people are entering the digital platform with digital showroom and digital sales.

 

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