(Last Updated On: April 24, 2019)
Khalti has been provided with a license of Payment Service Provider (PSP) from Nepal Rastra Bank under its ‘Payment and Settlement Bylaw 2072’ to perform Wallet Services through telecommunication technology and the internet. Now Khalti is also capable of providing private money transfer facility and mobile financial services in Nepal along with digital payment services.
A team of young entrepreneurs launched Khalti on 26 January 2017, and through innovative technology and services later Khalti has been focusing on impacting the lives of people. After getting a license, Khalti team is encouraged to take financial services to the next level. Khalti is trying to bring Offline services to Online (O2O) when it got a license from Nepal Rastra Bank and make the lives of people more comfortable.
Manish Modi, Managing Director of Khalti shared.
“Digital payment is a very recent phenomenon in Nepal. Still today, people have to walk for days to reach district headquarters to perform tasks as simple as paying electricity bills. We are excited to get the license from NRB. It has encouraged us to expand digital payments more aggressively across the country. We aim to expand our services in rural and remote parts of Nepal and add different verticals to our platform. We will work to make online payments possible in every corner of the nation to achieve the vision of Digital Nepal. We will work to bring access to finance to the disadvantaged population of Nepal and simplify their lives.”
Utility bill payment services, mobile recharge, DTH recharge, domestic flight booking, movie ticketing, event ticketing, hotel booking, newspaper subscriptions, and payments, etc. such services are provided by Khalti which can be performed from online shopping sites among others. Furthermore, Users are offered by Khalti in almost every transaction with cash back on.
Khalti offers seamless and secure digital payments services via a mobile app and website. Khalti started to perform digital payment services securely than another online payment service. Khalti also offers QR code based instant mobile payments services. Khalti will be the best option in the future to perform online payment services. Using this system, users can make payments at retail stores within a couple of taps on their phone.
The main motto of Khalti is to advocate usage and accessibility of digital payments in rural areas, Khalti has recently introduced ‘Smart Chhori,’ a unique program where girls are given digital and financial literacy training so that they can educate everyone in their family/community and become the agents of change. Khalti aims to play a vital role in the digitization of the economy in the country, and eventually help drive the country towards cashless transactions. Khalti plays a crucial role to make a country digitalized payment services and to promote the IT sector of the country.
The country has over 132% mobile telephony penetration and 59% broadband internet penetration based on Nepal Telecommunication Authority’s latest MIS report. Likewise, NRB’s most recent statistics show that over 6 million people use mobile banking in Nepal, and the number of internet banking users is around 1 million. However, as per WorldBank’s 2017 Global Findex Database, only 45% of Nepal’s population is banked. So, a digital payments system like Khalti can play a significant role to bring the unbanked population to a digital platform and provide financial services.