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eSewa, the first online payment gateway has got the mobile money license. The central monetary authority of Nepal, Nepal Rastra Bank has provided the license today. With the license, eSewa can not only provide the online payment but also the money transfer like the way of banking.
Previously the payment services were being provided without any license. As the NRB had put a mandatory requirement to obtain the license for all payment service provider, the regulations for Mobile banking or mobile money has started. Now eSewa can provide mobile wallet or digital wallet service, which enables people to use their mobile as soft money. This is a big step in making cashless payment in the country.
Also read: How to pay electricity bills in Nepal?
There are around 1.5 lakh subscribers using eSewa in mobile applications whereas 8 lakh person use their web payment portal. The eSewa is the first online payment gateway of Nepal, and has been providing services like online payment, pay utility bills, receive money or set up a merchant account and more. The popular services of eSewa are buying movie/ airline/ bus tickets, Mobile topup, Utility bill payment like electricity bills, water supply e.t.c.
This time, three companies have got the digital payment license which can be used for digital wallet and remote banking. Apart from eSewa phone pay, other companies include IMEI Digital and Prabhu technology gets the license.Earlier, all the 28 commercial banks had already taken the license for digital payment. NRB intends to properly manage and secure the digital payment service with such license.
The long pending license can also enable the telecom operators to provide mobile payment service. NTA, the telecom regulator and NRB, the monetary regulator has joined hands to formulate the common regulations for mobile money in Nepal. For Telecom companies, they either need to establish a separate firm or work with existing online payment firms. With this, anyone having a mobile number can have a bank account without having physical banks in their location. This is specially beneficial to the rural areas where banking services are still not available.
Also read: How to recharge your mobile number online?
After the eSewa license, more service providers including telcos will get the license, enabling the reach to large population. This is in line to NRB’s policy to encourage cashless transaction in the country.
What do you think of this Mobile money or mobile banking license? What service do you expect?