Nepal Rastra Bank to Allow International Payments Up to $500 through digital wallet

Nepal Rastra Bank to Allow International Payments Up to $500 through digital wallet

As of today, there is no such kind of international payment facilities from Nepal. Either you have to get the Nepalese bank’s International credit card which is a really complicated process & you must fulfill all the criteria or you need to get third-party service with is often going to be very costly.

Therefore, there is no facility to buy products from international e-commerce sites and make online payments for subscriptions and other services. Due to which making in-game payments, buying paid apps, payment for Amazon Prime and Netflix, and other international e-commerce services and its payment has become inconvenient for Nepali citizens.

Addressing this kind of problem, Nepal Rastra Bank is going to open a facility to make international payments through digital wallets. Governor of Nepal Rastra Bank Maha Prasad Adhikari informed this at the PhonePay Digital Conclave released on Saturday. Last August, Nepal Rastra Bank had facilitated the system of receiving international digital payments. Currently, Nepali travelers going abroad have the facility to spend up to 1500 US dollars through the card on the basis of their passport.

Governer Adhikari speaking on the session also tipped that they’re working on a system which will let users create upto $500 digital wallet account for international transaction.

Governor Adhikari, speaking at a program organized by Brand Worth and supported by Ncell, said, “International online payments in Nepal should be opened and used gradually as this will make e-payments convenient.” 

He said that the provision of an international payment system in Nepal would improve business and various operations, adding that in order to remain in the international digital market, Nepal had to implement it. “However the exact process needs to be studied and determined, so this will take some time,” he said.