Top 10 Best Digital Wallets in Nepal

Digital wallets in Nepal are experiencing rapid growth, fueled by increasing smartphones and a growing trend towards cashless transactions. The convenience and security provided by digital wallets have further propelled their popularity among Nepali consumers for everyday transactions, contributing to their rapid growth.

If you were to conduct a survey and inquire about people’s most tedious tasks, a majority of eight out of ten individuals would likely mention activities such as settling utility bills or enduring long queues at banks. Among the many mundane responsibilities faced by the citizens of Nepal, the process of paying their electricity bills stands out as particularly tiresome. This ordeal typically involves spending numerous hours waiting in a laborious line. However, thanks to the progress made in the digital realm, you no longer have to endure extended waiting times to make payments or clear bills.

Now, anyone can effortlessly make purchases using their mobile phones, eliminating the need for cash or debit/credit cards. Over the past few years, Nepal has witnessed a steady rise in the adoption of mobile banking and online transactions. It wasn’t too long ago when only a small fraction of the population was utilizing digital platforms for their financial transactions.

What are Digital Wallets? Digital Wallets in Nepal

Let’s quickly talk about “digital wallet” before continuing. A digital wallet is sometimes referred to as a “mobile wallet” or “e-wallet.” Simply put, a digital wallet is a system or online service that saves a person’s payment information so they may access it whenever they need to conduct an electronic transaction.

Such transactions can be carried out online, by SMS, or through a mobile app. One may finish their financial transactions and activities with only a few clicks thanks to digital wallets. Since COVID-19, digital wallets have gained popularity among Nepalese citizens. Lockdowns have caused the popularity of digital payment systems to soar even higher. The only thing you need to do to stop standing in long, tiresome lines and waiting is to open your app. From there, you can pay your internet and water bills, purchase online, or even pay with cash in a few short clicks.

People are increasingly drawn to the online payment system because of how simple it is to make a payment. The trend of digital wallet payments has spread around the world, and Nepal cannot escape its effects. Although Nepal is still far from having a cashless society, there have been efforts made by both the public and commercial sectors to make this aim a reality. In Nepal, there are several mobile wallet platforms and channels for online payments.

We will highlight a few of the best mobile wallet platforms and online digital payment providers in Nepal in this post.

Best Digital Wallets in Nepal

1. Esewa Digital Wallet

Founded in 2009 and holding a payment service provider license from Nepal Rastra Bank, eSewa stands out as one of Nepal’s most renowned digital payment service providers. Since its inception in 2009 AD, eSewa Fonepay Pvt. Ltd. has been a pioneering force in offering digital payment services. Notably, eSewa’s reach extends to all 77 districts of Nepal.

Since its establishment in 2009, eSewa has played a pivotal role in simplifying the lives of Nepalese citizens. It has empowered them to conveniently settle their utility bills from the comfort of their own homes using their mobile phones. eSewa’s array of services encompasses bank-to-bank money transfers, online mobile phone recharging, Internet bill payments, booking airline and bus tickets, purchasing cinema tickets, facilitating bank transfers, and providing a scan-and-pay feature.

Service Offered

• Send Money
• Bank Transfer
• Remittance
• Utility Bill Payment
• Travel and ticket Booking
• Insurance Payments
• Education fees payment
• Government Tax Payment
• Stock Broker Payment
• Online Shopping Bill Payment
• Food & Hospitality Bill Payment

Khalti Digital Wallet

One of Nepal’s most well-known digital payment service providers, Khalti, was introduced in 2017. Through several bank accounts and agent networks, Khalti facilitates money transfers and payments. Khalti’s users interact with it frequently.

Service Offered

• Send Money
• Bank Transfer
• Remittance
• Basic Utility Bill Payment
• Travel and ticket Booking
• Insurance Payments
• Education fees payment
• Online Shopping Bill Payment
• Counter Deposit

IME Pay

Another popular digital wallet in Nepal is IME pay. The IME has created IME Pay for simple, quick, and hassle-free online digital payments for common services in an effort to make life easier for everyone in Nepal. Today, IME Pay, which is offered by IME Remit and is licensed by Rastra Bank Nepal (NRB), is one of Nepal’s top payment gateways.

One of the digital wallets used in Nepal is IME Pay. With IME Pay, you can now quickly and conveniently transfer money from one wallet to another, pay utility bills, and make online or offline purchases from your own cellphones.

Service Offered

• Send Money
• Bank Transfer
• Remittance
• Basic Utility Bill Payment
• Travel and ticket Booking
• Insurance Payments
• Education fees payment
• Online Shopping Bill Payment
• Counter Deposit

ConnectIPS

ConnectIPS (Interbank Payment System) is an advanced online payment platform in Nepal, serving as a convenient conduit for both individuals and businesses to engage in digital payments and financial transactions.

It offers a unified payment gateway through which customers can connect their bank account(s) to access payment processing, facilitate fund transfers, and execute bill payments. This service, an extension of Nepal Clearing House, supports a spectrum of payment scenarios, including citizen-to-government (C2G), customer-to-business (C2B), and peer-to-peer (P2P) transactions, enabling direct bank account interactions.

By acting as a pivotal bridge, ConnectIPS links a diverse array of banks and financial institutions in Nepal, granting customers the capability to seamlessly conduct a wide array of financial transactions and settle bills.

PrabhuPAY

Under Prabhu Technology Pvt. Ltd., PrabhuPAY is a digital wallet with any digital payment option. You may conveniently pay for acquired items and rendered services with the PrabhuPay app. This app offers a variety of services, including quick deposits and simple utility bill paying.

In addition, PrabhuPay offers a wide range of services, including Scan & Pay, Cooperative Deposit, Insurance Payment, Demat Payment, and Money Transfer. You only need to download the app and register to use any of its services.

Service Offered

• Send Money
• Bank Transfer
• Remittance
• Basic Utility Bill Payment
• Insurance Payments
• Online Shopping Bill Payment

CellPay

Cellcom Pvt. Ltd. provides a digital payment service under the name CellPay, holding an official license from the Nepal Rastra Bank and serving as one of the nation’s payment service providers. CellPay extends its services to encompass a range of payment options and the capability to transfer digital currency between different banks.

CellPay’s offerings have expanded, now encompassing utility payments, vendor payments, and money transfer services. With CellPay, you can effortlessly transfer funds from your bank account to the bank accounts of your friends and family directly through your mobile phone. Additionally, the CellPay digital wallet provides additional conveniences, such as mobile top-ups and the settlement of utility bills for services like water, electricity, internet, and television, among others.

Service Offered

• Send Money
• Bank Transfer
• Remittance
• Mobile Topup
• Basic Utility Bill Payment
• Online Shopping Bill Payment

QPay

QPay Pvt. Ltd., a company incorporated and registered in Nepal, has introduced a mobile-based payment solution that is revolutionizing the way people make payments for their purchases and services. Their innovative solution enables QPay users to conveniently use their mobile devices to make payments for products and services, settle utility bills, and transfer funds between different banks, all through the user-friendly QPay app on their smartphones.

The QPay Solution harnesses cutting-edge technology to deliver streamlined payment options to all stakeholders, including consumers, merchants, and financial institutions. This solution marks a significant shift in the payment landscape, providing an alternative for everyday small-value transactions that have traditionally relied on cash-based methods.

Service Offered

• Send Money
• Bank Transfer
• Remittance
• Basic Utility Bill Payment
• Online Shopping Bill Payment

Moru Digital Wallet

Moru digital wallet, accompanies you wherever you travel, ensuring secure, real-time, and instantaneous payments to a wide range of merchants. With Moru, you have the flexibility to make a variety of payments, including settling utility bills (NEA, Khanepani, etc.), topping up mobile phone credit, paying internet bills, booking airline and bus tickets, purchasing movie tickets, conducting bank transfers (from Moru to a bank), using the scan-and-pay feature with merchants, and much more.

Opening a Moru account is entirely cost-free, and there are no fees associated with loading funds or making bill payments, not even for bank transfers, which are also exempt from charges. Registering with Moru is a straightforward process, accessible through either the Moru application or their website.

Also Read: Best Credit Cards in Nepal

Conclusion

In conclusion, the emergence of digital wallets has heralded a new era of convenience and accessibility in the financial landscape of Nepal. The swift embrace of digital payment methods mirrors the nation’s advancing digital transformation and the growing demand for a more efficient financial ecosystem. As discussed earlier, digital wallets bring forth a multitude of benefits, including seamless transaction processes, enhanced security measures, and the empowerment of urban and rural populations to actively participate in the digital economy.

The upsurge in mobile device usage, alongside government initiatives aimed at promoting cashless transactions, has accelerated the widespread adoption of digital wallets throughout the entire nation. Consequently, Nepalese consumers are progressively accepting the notion of a cashless society, thereby reshaping their approach to making payments, managing finances, and interacting with businesses.

Frequently Asked Questions

Q. What is best digital wallet in Nepal?

A. eSewa, Nepal’s pioneer digital wallet the best digital wallet, has now been in existence for 13 years. The application, which made its initial debut in beta version back in 2009, subsequently rolled out its full-fledged services on January 25, 2010.

Q. Which is better eSewa or Khalti?

A. eSewa holds the distinction of being Nepal’s longest-standing and most reliable payment service provider, while Khalti is relatively new to the payment service provider industry, with just a year of operation. eSewa boasts a substantial user base and an extensive network of agents, whereas Khalti is in the early stages of expanding its agent network nationwide. Nevertheless, Khalti has garnered a notably high level of user engagement.

Q. Which is the first digital wallet in Nepal?

A. eSewa, Nepal’s pioneer digital wallet, has now been in existence for 13 years. The application, which made its initial debut in beta version back in 2009, subsequently rolled out its full-fledged services on January 25, 2010.