The inter-wallet transfer is coming to mobile payment services as NRB directs electronic payment vendors to implement interoperability. This will enable mobile payment apps and services to communicate between them and allow fund transfer between them.
In a sensational directive, Nepal Rastra Bank (NRB) asked e-payment providers to implement interoperability in wallets and banking apps to enable money transactions between different apps and services.
The federal bank says the interoperability will help widen mobile payment access to more people and make it more secure and protected.
To make it clear, Interoperability means you will be able to ‘send money from one digital wallet to another. So far, such service was exclusive within one platform only.
The digital transaction vendors will have to implement Interoperability within the next 6 months.
NRB’s mobile payment interoperability will apply to mobile banking apps, digital wallets, and QRs. Likewise, this directive comes following a landmark Fin-Tech collaboration between Khalti and FonePay a few days back.
Inter-wallet transfer will elevate mobile payment
NRB’s direction for Interoperability will elevate people who love the convenience of paying through their mobile phones. eSewa, Khalti, FonePay are major digital mobile payment channels in the country. Interoperability among them like transfer money from eSewa to Khalti or Vice versa means more flexible options for mobile payment.
In the mobile wallet segment, eSewa hoards a spectacular 80 percent market share, and Khalti occupies 15%. But in the absence of Interoperability, users’ inter-wallet service couldn’t establish however, that is to change in the coming months.
Meanwhile, in the QR segment, FonePay supremely grabs a 95% market share. This particularly created a hazard for Smart QR users for payment due to the absence of Interoperability. But both will now accept electronic payment exchanges between them benefitting the end-users.
NRB says the mobile payment vendors will formalize their agreement and implement the service within 6 months.
The all-inclusive Interoperability will create a multi-faceted mobile payment ecosystem among Payment Service Providers, operators, and users. The service providers will also keep user data protected in inter-network payment sessions.
How good is this NRB’s decision to implement mobile interoperability in wallets, QRs, and banking apps in Nepal? Are you excited to earn the benefits? Do share your feedback in the comments below.