The rise in mobile app development technology has changed the way the payment gateway industry is working these days. These payment patterns have evolved new innovative ways of online shopping. The demonetization announced by the government has changed the Nepali Financial system drastically and made the country a cashless economy.

The mobile wallet is a leading concept in Nepal that has been beating credit card handling and is gradually beginning to swap the old traditional payment methods.

Mobile app wallets are virtual mobile-based wallets where one can easily store cash for making offline and online payments. There are different types of mobile wallets in Nepal that are used by people according to their choice, and the type of usage and payments that can be made.

Wallets are growing speedily as they assist in escalating the rate of transactions, particularly for online e-stores and all types of marketplaces have incorporated with such digital mobile wallets too.

In this period of time there is a varietal wallet in Nepal some of them are Khalti, E-Sewa, Ime Pay, Prabhu Pay, Moru, etc but today we are here to discuss three top digital wallets of Nepal. and start their comparison.

What Is a Digital Wallet Apps in Nepal?

A mobile wallet apps or digital e-wallet apps is nothing but a digital version of the online bank account with all types of transaction services. It is easy to use a mobile e-wallet just by downloading the app from the Apple App Store or Android Play Store. The mobile wallet can be incorporated with a UPI payment service for instant money transfer to anyone. Even these days many mobile wallet apps also provide their users with a virtual Debit card, which you be used at any e-commerce store across Nepal.

Why is Digital Wallet So Important in Nepal?

Digital Wallet is a new way of the transaction. We soon will be forgetting what how our currency note looks like. Digital Wallet has become a new way to send and receive money, pay bills, and provided many more services. It provides transparent, safe, and convenient transactions with just a single tap.

Digital Wallet can also be considered an environment-friendly medium for monetary services as it reduces the use of paper money and saves a lot of money from a country like Nepal, for printing new paper money each year. The services these digital wallets provide are helping thousands of consumers for easier, convenient, and safe transactions which can take hours to perform.

The use of digital wallets should be encouraged in Government offices as it provides transparent transactions. Most of the semi-governmental organization like Nepal Telecom, Khanepani Sansthan, Nepal Electricity Authority has been providing bill payment services through these digital wallets.

Digital Wallet is popping up technology all over the world as a cashless medium for the transaction and those who are technology lovers will certainly want to be a part of these revolutionary digital technologies.

These wallets can be used for utility bill payments, internet payments, ticket bookings, online shopping, school fee payment, and many more. There are lots of benefits digital wallets provide, as the emerging technology in Nepal, these digital wallets providers are doing their best to stay at the top in providing better services.

About IME Pay

IME Digital has introduced a mobile money service, with the brand name “IME pay”, under its digital financial services initiative. IME Digital Solution Ltd. is Nepal’s first licensed company to provide digital payment solutions. IME Digital Solution Ltd. a subsidiary of IME Group with an aim to provide digital financial services to customers in partnerships with banks/FIs as well as telecom operators and aggregators, deployed through self-service as well as agent-based delivery channels.

IME Pay offers a wide range of payment services and a convenient way to transfer money from wallet-to-wallet, pay utility bills and make purchases online or offline instantly with just a few easy clicks. An App where you can add money through mobile banking, by depositing money in IME/ IME Pay agent, and also through remittance. Likewise, you can withdraw the balance amount of your IME Pay app from IME/ IME Pay Agent. It is a Fintech (Financial Technology) App that provides automated and improved financial services making lives more practical and simple. It aims to cater vast majority of banked, unbanked, and under-banked customers of Nepal. IME Pay can be accessed via mobile and can be serviced through any of the 25000 plus strong agent network.

IME Pay App is available for both iOS and Android devices and its primary web portal is www.imepay.com.np

What is the difference between Esewa, Khalti, And IME-Pay?

Here are the services currently offered by all eSewa, Ime Pay, and Khalti Apps to their users:

Conclusion:

Certainly, there is a number of services offered by eSewa being an old provider, and has been able to establish itself as a brand name. Whereas, Khalti is a rising name with more possibilities of providing more services as it has proved it by providing and reaching the height of success within a short interval of time is a tough competitor to eSewa.

There are other digital wallets in Nepal like Khutruke, iPay, QPay, etc, but they couldn’t become as much as popular as eSewa and Khalti because of, lack of branding, poor customer service, trust, and security issues in those digital wallets.

In simpler words, we can say that digital e-wallet app growth point outs the increasing need for efficient payment methods. These apps offer a much more secure, faster way for online shopping. Even the brick & mortar stores are also using these apps because of their growing demand. The start-ups and large corporate businesses are continuously on the lookout for customer-friendly technology, thereby giving more value to the customer. Moreover, let us know your views about using these mobile wallets in the comments below. Also, subscribe to our blog to stay updated with some more interesting topics.