Nepal’s most downloaded app Hamro Patro could be ready to launch its own Digital Wallet. Aiming for higher service integration and delivery, the popular app could offer a mobile payment platform soon.
But it must be noted that Nepal Rastra Bank is not granting licenses to companies for a digital wallet. Citing a very high number of service providers, the federal bank has long shut down doors for new companies. That means Hamro Patro is not starting its own company from the scratch. It will likely integrate the mobile payment system into the Hamro Patro app.
Reportedly, the popular app has bought 75% of the shares of an existing company. This allows Hamro Patro to begin its own digital wallet service. Since NRB doesn’t allow reselling of an allocated license, the app instead bought the shares that entitle it for the operations at the company.
Rudra Pandey, the company’s Chief of the Board of Directors has previously mentioned a ‘mobile wallet’ while mentioning the services of Hamro Patro. This has further accentuated their likelihood of starting their own mobile payment service soon. And it also means its digital wallet will be integrated into the Hamro Patro, making it another entry to its wide range of services.
Hamro Patro’s Digital Wallet Could Usher a New Dimension in Mobile Payment
At the moment, not a lot is out in the public but we could discover more very soon. But the takeover of such an affluent app will transform the profile of the existing company with financial and technical resources.
At the moment, there are 27 digital wallets in Nepal. But eSewa and Khalti are enjoying their duopoly with 85% and 15% market share respectively. While Ntc’s Namaste Pay is also providing the service albeit remains in its infancy. With established wallets already spanning across smartphones and interoperability among them, Hamro Patro’s entry could be a challenge yet could also steer the mobile payment market to a new dimension.
The app began its services as a calendar app in 2010 to help Nepali access digital calendars on their smartphones. Quickly, it became a hit among smartphone users and the company integrated more services to suit more users. At the moment, the Hamro Patro app offers common services such as astrology, news, and date converter, recharge, telehealth, and remittance.
It is also the first Nepali app on the Play Store to get the highest number of downloads with over 10 million downloads (1 crore). And the way it is expanding its services, there is little doubt it’s on the right course to build on a profile of a super app.
How exciting is it about the super app Hamro Patro launching its own digital wallet?