Technologies of today’s world have led to the digitization of every possible thing including money. A cashless economy is a goal of many countries and digital wallets are the prime step towards a cashless economy. A Digital wallet is also known as an e-wallet, is a software-based system that stores users’ payment information and passwords for numerous payment methods and websites.
Digital wallet allows users to complete their payment easily and promptly with the help of near-field communication technology. A Digital wallet allows customers to pay for the purchase with their smartphone and also, a digital wallet can be used for loyalty card information and also digital coupons.
Digital wallets are the financial accounts where users can store funds, make and track transaction histories using smartphones or personal computers. While digital wallet requires users to download the digital wallet app on their smartphone or other physical devices.
As of Chaitra 2077, there are 10,786K active users of mobile banking in Nepal where 13,591K are registered users. Also, there are 772K active users of internet banking where 1,122,888 are registered users. Including, there are 6,185K active users who have a debit card and 8,573K users are registered users for debit cards.
A handful of Top Digital Wallets in Nepal
No doubt, eSewa comes at the top of the list of digital wallets in Nepal, a subsidiary company of F1Soft International. Having over a million downloads on Play Store and substantial downloads on the Apple store. eSewa was launched in 2009 as the first digital wallet in Nepal and is licensed by Nepal Rastriya Bank as the payment service provider.
Some of the main services of eSewa are; Mobile Top-up, Utility payment, School Fee Payment, Insurance Premium Payment, Electricity Bill, even the fund transfer to the bank has become easier with the help of this digital wallet. While talking about traveling, eSewa allows you to issue domestic flight tickets and, for an international flight you can’t make the direct booking through eSewa, but you can make payment to the other platforms like Nepal Airlines, Megabyte Travels, and Sasto Tickets.
This digital wallet has also partnered with major e-commerce sites in Nepal like Past Deals, OlizStore, RedDoko, and many more.
Redesigning this digital wallet has become more user-friendly, organized, and easy to search with additional dark mode features in the app for your convenience. This digital wallet has incorporated biometric verification via fingerprint of users along with MPIN and password. eSewa is still pursuing to create a cashless economy in Nepal covering every possible sector. With various qualities, eSewa is on the top list of digital wallets in Nepal.
While having exciting features, eSewa allows you to make payment directly from the associated merchant application. Where you will be temporarily directed to eSewa to login and confirm the transaction. The payment made is deposited into the merchant’s digital wallet or bank account.
Khalti can be considered as an emerging digital wallet in Nepal, a subsidiary company of Janaki Technology launched in 2017 this digital wallet has been able to grasp the attention of the mass audience in a short period. Khalti offers a digital payment solution to over a hundred merchants in Nepal and provides smooth payment using E-banking, Smart Banking, and wallets. This digital wallet simplifies the lives of people by taking payment services from offline to online.
Your required popular services are displayed on the home screen, some of the services of Khalti are; Mobile top-up, Internet Bill Payment, Electricity Bill Payment, Insurance Payment, Movie Tickets, TV Bills, and also you can issue domestic flight tickets. This digital wallet is also in partnership with OYO for hotel booking in Nepal. Also uses QR code for scan and pay.
Another best thing about Khalti is the cashback it offers. You can save up to 1 percent on Movie Tickets, 2 percent on TV Subscription, and 3 percent on Internet Subscription. You can also get Khalti points on every successful transaction which can later be exchanged for Khalti Balance, Movie Ticket, and Whatnots.
Talking about security in this digital wallet, users are required to enter their first 4 characters of the Khalti account password whenever using the Khalti app. Also, the biometric security option is available in this digital wallet. So, altogether, with the best service provider, Khalti is in our number two on the list of top digital wallets. There is currently one million installs in the google play store as well.
While talking about digital wallets in Nepal, IME Pay is the next one on the list. Advanced and leading payment gateway in Nepal and a subsidiary product of IME Remittance, which is also a leading remittance company in Nepal. Being a new digital wallet in the Nepalese fintech market, IME Pay has been able to swoop in a large number of the userbase.
Taking its place in the category of the digital wallet, IME Pay is also a mobile remittance platform. IME Pay also offers other services, starting with the basic utility payment like Mobile and Landline Top-up, Electricity Payment, Internet Subscription, TV Subscriptions, EMI and ISP payment, also Bus and Cable Car Ticketing along with Domestic Flight Ticketing and so on.
IME Pay offers the highest amount of cashback on flight ticket booking than any other digital wallets and the least transaction fee in comparison to any other digital wallets in Nepal. You will also receive reward points for each transaction which can be redeemed for the prizes later. IME Pay is available on both Play Store and App Store. Also has fingerprint support to provide added security.
With its constant updates and improvements, IME Pay is third on our top digital wallet list.
Although, Connect IPS is not considered a digital wallet. But more of an online debit card. Connect IPS is an online payment platform that allows its users to link their bank account(s) to enable fund transfer and make bill payments. It is an extended product of Nepal Clearing House to support citizens-to-government (C2G), Customers-to-Business (C2B), and Peer-to-Peer (P2P) transactions straight from or to the bank accounts.
Through Connect IPS, it is possible to send an individual payment of one million through a web channel and one hundred thousand through a mobile application. However, your bank can set its limits depending on its internal policies. The payment data are transmitted in a highly secured environment with end-to-end encryption and customers’ data are not shared with any merchants.
Multiple digital wallets in Nepal are also associated with Connect IPS to help transfer funds from or to their digital wallets.
Read More: How to create a CLUBHOUSE account in Nepal
These are the top digital wallets in Nepal having their benefits and aiming to make our life as simple, easier, and digital as possible. However, there are other digital wallets and other digital wallet service providers in Nepal. It is very convenient to have a digital wallet almost doing every work as paper money does.