5 Best Digital Wallets in Nepal
"Digital wallets or Mobile wallets are directing our country, Nepal towards a better future and eventually towards cashless economy."
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
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.
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 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 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.
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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