Technologies are increasing day by day and with the increase in technology the lifestyle of the people are also changing. This is the modern world where people are switching from physical cash to digital payment methods.
According to the latest report published by the Global Digital Payment Market, it is predicted that the growth of the digital payment market will reach $10.07 trillion (USD) by 2026. From this huge number we can see the rapid growth rate of the digital payment market.
We all know the current situation of the world. The entire world is fighting against the Covid-19 pandemic. Because of this pandemic many country economic has been collapsed. Many sectors like school, hotels, tourism industry, automobiles, and other businesses are suffering an economic crisis. Some people are even losing their jobs as well and we still don’t know when things are going to be normal.
Despite these circumstances, there are still some businesses that are adopting “work from home” policy. Because of these policy different platforms like video conferencing, e-commerce market, digital payment solutions, etc. are emerging and gaining lots of popularity.
In this article we will discuss the growth of the digital payment market in Nepal. We will also discuss about the top digital wallets of Nepal with their exciting features and offers.
What is a Digital Wallet?
Digital wallet also known as e-wallet is a product-based system that stores the installation data and passwords of clients for different digital payment techniques and sites in a secure way. Through using a computerized wallet, consumers can finish transactions easily and rapidly with innovation from near field interchanges.
Make increments on the web when you are on the move for whatever amount of time you have a computerized wallet with you. In addition, computerized wallets provide advantages, such as cashback, incentives, rewards, and limits. Mostly, computerized wallets are about convenience for the shopper. Although organizations have access to reserves momentarily. By taking out outsiders or spending over a costly Point of Sale (POS) framework they can set aside cash. By empowering snappy and secure installment strategies, they encourage continuous information, enhance the buyer experience.
A Brief History on Evolution of Digital Payment in Nepal
According to the news article published by the Kathmandu Post in 2017, there were only 9% of the population having access to the internet back in 2011. After 8 years according to the report published by Management Information System (MIS) in 2019 there were about 59.98% population having access to the internet.
As the use of the internet increases, technology also increases, and with that digital payment services were introduces to the people. After F1 Soft International dispatched eSewa, the concept of computerized / flexible wallet began in 2009. eSewa’s presentation altered Nepal’s concept of computerized build. Nepal has seen distinctive specialized installation professional organizations, from that point forward. Since eSewa, their administrations have been driven by other payment systems such as Khalti, IME Pay, QPay, iPay, etc.
Best Digital Wallets in Nepal
- ME Pay
- Prabhu Pay
- Enet Pay
Lockdown offers and discounts by digital wallets in Nepal
Because of this COVID-19 pandemic many middle-class families are getting difficulties to purchase various goods and services as they are out of work due to lockdown. In this difficult situation, everyone is helping from their side as they can do. Government bodies are also providing discounts on various services like water bills, electricity bills, telephone bills, and many more.
In this difficult situation different digital wallets are collaborating with various government and private bodies and helping us by providing discounts and offers in various services. Discounts are provided in electricity and water bills. Similarly you can get a 100% bonus with mobile top-up as well.
Talking about eSewa they have offered promo codes that can be used for exciting cashback offers and discounts for different products and services. They are also offering mobile top-up worth of Rs.500 to 40 lucky winners at the cost of Rs.11. Similarly Khalti is also providing coupons for different offers and discounts on various services like airplane tickets, movie tickets, and many more. You can also play the Khalti quiz and get a chance to earn Rs.100 Khalti coupons every day.
While everyone is discussing eSewa and Khalti, there is one underdog app who is providing four times more facilities than any other digital wallet app and the name of that app is IME pay. Because of the IME new campaign “4 Guna Saktisali” they are providing 4 times more facilities and cashback offer to their users in day-to-day transaction.
eSewa is the undisputed leader of Nepal’s specialized wallet expert co-ops. Created via delicate F1, eSewa is one of Nepal’s best-advanced portfolios. It came into operation since 2009 and was late approved as a payment service provider by Nepal Rastra Bank.
With the help of the eSewa app you can pay your electricity bill, water bill, mobile top-up, fund transfer, tuition fee, and many more. They have collaborated with the well-known internet shopping dealers to make their customers lives simple. Nepal’s online bank is eSewa. It has an easy GUI to use in the program, leaving the customers lives free to bother. You can stack the wallet in a clear way using banks, eSewa vendors, and eSewa. eSewa has started its webshop called eSewa Pasal as well.
The company is working to create a cashless economy in the days to come. Later on, eSewa wants to cover every single industry in Nepal with its digital payment stage that would be useful in the growth and advancement of the economy improving the flexibility related to revenue.
Khalti is a flexible Nepalese wallet, payment platform, and provides very good services. Propelled in January 2017, Khalti is a build on Nepal’s web digital payment structure, and has quickly gained prominence. Sparrow Pay Pvt.Ltd operates and retains it. Khalti is the fifth computerized wallet to be approved as a payment service provider by Nepal Rastra Bank. This app is only available for android and web platforms.
It has been furnishing DTH digital payment, ISP digital payment with the administrations along with other prominent dealer installations. In practically every popular film corridor chain, you can get tickets for motion pictures. It has also extended out its administrations to look after the water tab in areas outside Kathmandu.
Aside from the ordinary administrations provided by the advanced wallet, Khalti has late banded with OYO’s lodging network. You can book more than 30 inns in Kathmandu and Pokhara, from the OYO chain. There’s an office to pay for tickets from different occasions by sales. By installing the program from the application store you will appreciate the Khalti wallet’s administrations.
Khalti is home to the nation’s absolute most magnificent personalities, embodying a community of highly skilled engineers and insightful advertisers. Khalti’s goal is to disentangle people’s lives by bringing monetary inclusiveness to each person Nepal and taking the instalment company from disconnected to online through agreed procedures.
3. IME pay
IME is a well-known nation-wide settled digital wallet service provider body. Currently they give their clients in any single computerized wallet with a superior one. After some time their computerized wallet administrations changed. IME Pay is one of the growing, advanced installment specialist organizations in Nepal that has gained popularity in recent years. It’s simply money to readily available budget exchanges for general increments. This provides its customers with a broad variety of inputs for installments.
Customers can use IME Pay to handle remittance service where the sender and receiver can use this wallet to send and receive cash. There is no option next to that to stack the wallet using web-based banking. Putting money on board with them as they get more this application can likely become more.
Along with the remittance service, IME pay offers you services like utility payment, telephone bill payment, purchasing a bus ticket, airplane ticket, Chandragiri cable car ticket, and many more. With only a few quick clicks you can send and receive money instantly. Easily add and subtract money from Nepal’s largest payment network on IME Pay.
New customers can win 500 reward focuses when enrolling on the IME Pay application by using the greeting code referred to by their family or companions. Also, the customers who have referred to or sent a greeting even as the new customers earn the spotlight of the 500 awards.
4. Prabhu Pay
Prabhu Pay is a portable wallet under Prabhu Technology Pvt.Ltd with a versatile, based digital payment arrangement. This is the latest digital payment service provider in Nepal. Having its very own bank, Prabhu Pay helps us to switch from 20 specific banks to wallet help. The best part is that you can transfer the cash from any stage of the Prabhu Pay Ecosystem to another as well.
Prabhu Pay helps in easy bank transfer and bill payment. With the help of this app customers can easily make their purchase with very few clicks. You can enjoy different services of Prabhu Pay like mobile top-up, pay the electricity bill, internet bill, water bill, movie ticket, travel tickets, and many more. With this application you can also load funds to another digital wallet as well like eSewa. As far as security is to consider Prabhu bank says that they have got the seven different layers of security protocols.
- Move money– This part empowers Prabhu Pay customers within the Prabhu Pay environment to share assets between Prabhu Pay customers in a flash.
- Bill payment-This part gives accommodation to Prabhu Pay buyers for making Bill Payments with just a few snaps.
- Booking-This item helps purchasers of Prabhu Pay to book tickets from different national carrier airlines, transport tickets, film tickets, and tickets for the occasion.
- Fund transfer- This Prabhu Pay element allows it, buyers, to legitimately move assets from different banks to your Prabhu Pay accounts.
iPay is Muncha.com’s brainchild and its administration began in 2010. iPay’s administration is accessible both from its iOS and Android applications and its site. It utilizes the email of the client for validation. iPay is a bill pay administration that allows you to make payments to organizations and individuals using your Internet banking account. You can figure out who to pay from and when to make the installment, which account the sum should originate from. It has joined forces with 10 banks so far which incorporates NIC Asia, Prabhu Bank, Global IME Bank, Janata bank, and so forth.
With the help of iPay you can pay your different bills like telephone bills, internet bills, electricity bills, etc. You can also top-up your mobile and purchase your flight and movie ticket with the help of this app.
With iPay app you will be having various advantages like it will keep all the records of the payment history and saves your money and time from the unnecessary charges. Notwithstanding luxurious awards given to its clients, when compared with the above regimes, it did not have the option to accumulate a huge client base. They are also expecting to add various services, for example, defence, school/school fees, and significantly more, like administrations.
QPay has introduced a flexible dependent installment structure in the field of advanced wallet. Their answer allows QPay consumers to make payments for products bought or possibly gained from using their mobile phones. QPay Solution uses front creativity to provide rearranged responses for both stakeholders.
In QPay you will be getting two different features i.e. QPay customer app and QPay merchant app. From the QPay customer app you can make the purchase for different products and retail outlets such as clothes, groceries item, restaurant bills, taxi service, etc. Similarly, the QPay merchant feature is a special proximity-based feature that helps users locate nearby QPay merchants. This feature also provides a graphical map view of merchants and their information, they’ve categorized their merchants into four categories: Food, Fashion, Entertainment, and Others.
With this application buyers will certainly make installments for purchased products and made benefits. User install and reserve move with this App becomes straightforward and secure. Also, there’s no question that customers will link their financial balances to help them deposit their QPay wallet assets into their separate ledgers.
7. Enet pay
E-Net Pay is a fast, protected, and easy way of paying or getting paid on the web. E-Net Bill an E-Net payment Pvt.Ltd. which is one of the brilliant online installment doors and fills in as a web-based go between the shipper and the customer for product purchase.
Currently they are working together with more than 20+ banks including the Bank of Kathmandu, Rastriya Banijya Bank, Nepal Investment Bank, etc. Nonetheless, online digital payment will operate on a limited stage of the award in which it will refund to the consumer the charges earned from merchants. As a result, the client would have the option to get installment caps on any single assistance they make installments on.
Enet Pay allows the user to process different online payments like telephone bills, utility bills, airlines ticket, bus tickets, school fees, mobile top-up, internet bills, and many more. Enet pay is not as popular as above mentioned online wallets but still, they provide really good services to their users. Hope in the upcoming days they will add more features and make it even more trustworthy online payment wallets.
Practice to keep your digital wallet safe
In this digital age, it is very important to keep your digital wallet safe as many thieves and hackers are waiting to steal all your money. If you are using a digital wallet for different digital payment or planning to use then you should consider the following security measures to keep your digital wallet safe.
- Keep a secure password for your device so that even your phone gets lost no one can access it.
- Locking your device is not enough you can also use your default app or get an app from play store that will help you to lock your digital wallet app.
- Use the password that you can remember easily to login into the app. You can also write down your wallet password and keep it safe somewhere.
- Never share your account information like- wallet id password and OTP number with anyone.
- You can also use extra precautions like disabling auto-login function or using two-factor authentication.
From this article you might have found various advantages of digital wallets. By using the digital wallet you can get various discount and offers and also there won’t be any tension of getting your money lost. If you are still not using a digital wallet then I would recommend you give a try. It is a very secure and convenient replacement of physical cash. If you have any queries then feel free to visit official websites or mobile applications of digital wallet companies.