Mobile Payments in Nepal, The Future is Digital Wallets

Here's a list of popular digital wallets in Nepal:

1. eSewa
2. Khalti
3. IME Pay
4. Nepal Investment Bank (NIBL) eBanking
5. Prabhu Pay
6. ConnectIPS
7. SCT MoCo

Background

The first step In Nepal into digitalization financially was taken by "”e—Sewa" which allows users to pay commercial bills through mobile. It connects you to major banking services sitting in your home. Various mobile applications have been developed bringing more efficiency to financial transactions. ”KHALTI" A mobile application announces itself as the first digital wallet all over the nation.

How safe are digital wallets in Nepal like Khalti and eSewa?

Well, Digital wallets in Nepal like eSewa and Khalti are quite safe!

I have been using eSewa for the past 3.5 years! and as I have to share my personal advice, they are quite safe as eSewa is verified by Nepal Rastra Bank (NRB) and they are authorized and licensed! so you do not need to fear using eSewa!

if you are seeking some response about Khalti, I am using it for the past 6 months and it is working fine without any risk!

both eSewa as well as Khalti are verified and you can use them for paying bills, shopping, buying tickets, etc ! they are pretty safe.

Is a digital wallet secure?

It is more secure than you might suspect. Having a digital wallet on your phone isn't an open way to your charge or Mastercard account. Retailers don't approach your card number on the grounds that every transaction utilizes an extraordinary, arbitrary exchange number—rather than your account or Mastercard number. Actually, your account number isn't put away on your phone.

Your account data is encrypted, and must be gotten to by means of password or, with some cell phones, your fingerprint. Also, if your card information is ever lost or taken, banks can reissue another one promptly to your phone, rather than trusting that a card will land via mail.

Should you ever lose or lose your phone, you can bolt your digital wallet remotely. Furthermore, there are no expenses for utilizing digital wallets, and zero extortion risk is offered by most charge card guarantors.

You can also increase your wallet security by :

At the point when you pay with a digital wallet or mobile installment application (Apple Pay, Google Pay, Samsung Pay, PayPal, Venmo, Zelle, Chase Pay, and so on.), the vendor (the substance you're paying) doesn't get the subtleties of your charge card, platinum card, financial records, or another fundamental wellspring of assets. Generally, they get an interesting, once code that is useful for that buy. So if a maverick representative attempted to take the exchange subtleties, or the organization was hacked, they wouldn't get your charge card subtleties (or the subtleties of whatever other fundamental record you paid with).

Which online wallet do you think is better in Nepal, eSewa or Khalti?

There are multiple online payments in Nepal, esewa, Khali, and IME pay these are some popular options. It comes down to personal preferences and ease of access. Easy of access in the sense that when we want to load our online wallet we may not find our bank under their options. For example, eSewa does not allow load funds from NIBL bank whereas Khalti does. If you have a NIBL account then somewhat you are forced to use Khalti else you have to find some other way to top up your wallet. Now, under personal preferences it comes down to UI, all payments have great UI. They all provide the same cashback and offers.

I personally use Khalti. It has a great UI, attractive cashback, and khalti points. One thing it lacks is a secure payment meaning it does not have a fingerprint sensor which eSewa has. Another thing that khalti has is its daily quiz contest, which gives 100 rs to the daily winner and mobile to the monthly winner(I have never won).

Lastly there's no better option, you have to pick one or the other. Features are the same.

why digital wallets?

Yes of course. I mean why not. If it can be simple, safe and secure.

And most importantly solved the following problems:-

• increasing security
• Faster payments
• Handling less cash
• Saving cost on printing currency notes
• 24-hour, 365-day availability
• Fake Currency
• Theft

How do digital wallets work online?

Digital wallets are digital forms of your credit and debit cards kept in an app on your mobile device. Hold your phone near a suitable payment terminal, or make shops using the app when shopping on your device. You can indeed use your digital wallet to withdraw cash at enabled ATMs.

Still, more than half of all consumers are sticking with credit cards because they just don't depend on their mobile wallets.

Revolutions create by digital wallet

There was a time when people have to wait to receive their money orders from their close ones. Then they utilize the money for their need. Sometimes it takes more than a month to get the needy. The system develops people get the money by bank account within a day and later within hours. But now I want to emphasize the development in e-commerce, particularly for payment.

Now a day we all need to make up our minds and things will be around us. It is all brought to us because of the time-lapse and convenience of primitive. Revolution is always brought by a certain idea. And this idea for e-commerce is brought by Mr. Akhil Shekhar Sharma. Mr. Sharma was a deprived person in his childhood and he didn’t know English well. So to overcome this problem he used to read both English and Hindi books at the same time. He generally correlates English and Hindi to get a proper meaning of a particular word. For example, samikaran means equation. While he is practicing it very hard, sometimes he left the Hindi book behind and goes ahead with English. One will wonder why I am narrating this story. The reason is Mr. Sharma's approach to use the same principle at the bigger platforms. It is an offline and online payment method that is popularly known as O2O.

Now Paytm introduces a new concept in the e-commerce sector which is a digital wallet. There was a time when Paytm is just used to recharge mobile phone services. Steadily but surely Paytm become a payment gateway for more than 80 MNCs including Amazon India, Ola cab, and Food panda.

Paytm is working for the digital wallet. To completely bring this concept in reality it introduces a wallet from which you can pay the money just by entering the amount to pay and go. There was a gap between online and offline markets. People who are purchasing products of lesser amounts don’t want to share all the account information leads to offline options. And many people don’t carry the money so they prefer to the amount online. 

Have you used digital wallets in Nepal? How is your experience?

I am from Nepal so it is ok to use digital forms to make payments. FYI only the big merchant accept digital wallets not every single grocery or small shop accept them. You might have Nepalese currency with you just Incase .which you can exchange from most of the banks in Nepal.