Thursday, July 25, 2024
Business

Exploring E-Wallets in Nepal: Your Digital Payment Companion

Have you ever been in a place where you wished you could pay for goods and services with a simple tap? You are not alone, either. The popularity of e-wallets has increased along with digital transactions, making them the preferred method for simple payments. However, what are e-wallets actually, and how are they doing in Nepal’s changing digital environment?

Electronic Wallets

E-wallets, or electronic wallets, are virtual storage spaces that securely hold your money for online transactions. They act as digital versions of traditional wallets, allowing you to store funds, make payments, and even transfer money with just a few clicks on your smartphone or computer. Think of them as your digital piggy bank but with added convenience and versatility.

In Nepal, the e-wallet scene has been experiencing rapid growth, offering many options to cater to diverse needs and preferences. From paying utility bills to shopping online, e-wallets have revolutionized the way we handle money in our day-to-day lives.

eSewa

 E wallet, Connect IPS, Esewa, Khalti
Source: eSewa

Established in 2009, eSewa is Nepal’s pioneer digital payment service provider. Licensed by Nepal Rastra Bank and ISO 27001:2013 certified, eSewa has worked tirelessly to achieve its vision of creating a cashless economy. The company has onboarded over 400,000 merchants, and 120,000 agents, and partnered with more than 51 banks and financial institutions.eSewa was founded by Biswas Dhakal.

Khalti

Khalti, E wallet, Connect IPS, Esewa, Khalti
Source: Khalti

Khalti was founded in January 2017 with a vision to simplify digital payments and enhance financial inclusion in Nepal. At the CAN Info Tech fair in Kathmandu, the founders struck a deal to advertise their app on the event’s tickets, despite having only 20 days to finalize the app. Amit Agrawal and his team worked tirelessly for 15 days, finalizing the app just in time. Driven by a passion for innovation, founders Amit Agrawal, Arbin Sah, Dhruva Adhikari, and Manish Modi combined their expertise and determination to propel Khalti to become a trusted name in online payments in Nepal.

IME Pay

IME Pay, e wallet, Connect IPS, Esewa, Khalti
Source: Appstore

Since its inception in 2017, IME Pay has provided fast, safe, and secure payment options for millions of users across Nepal. The app enables wallet-to-wallet transfers, utility bill payments, and online or offline purchases with ease. Owned by IME Group of Companies, IME Digital is proud to be Nepal’s licensed company to offer digital payment solutions, serving over 3 million users with millions of successful transactions.

Connect IPS

E wallet, Connect IPS, Esewa, Khalti
Source: Connect IPS

Nepal Clearing House Limited (NCHL) is the developer and operator of the ConnectIPS e-Payment System. As a payment system operator, Nepal Rastra Bank (NRB) issues licenses and regulates it. On October 28, 2018, NCHL launched Connect IPS with backing from most banks and financial institutions and promotion from Nepal Rastra Bank.

In The End

So, why should you embrace e-wallets in your daily life? The answer is simple: convenience, security, and efficiency. With e-wallets, you no longer have to carry physical cash or worry about finding an ATM. Your smartphone becomes your virtual wallet, empowering you to make transactions anytime, anywhere.

Are you already using any of the above-mentioned E-Wallets?

Yes

No

What's your reaction?

Related Posts