In simple words, E wallet is a service that provides an individual a platform enabling him/her to transfer money to the other individual/businesses or pay bills and purchase online products including booking services provided by airlines, hotels, prepaid taxi etc.
ESEWA
Esewa has been operating in Nepal for a long time already than we know. They had a SMS service available for recharging phone around 2006, when the use of mobile phones were increasing at that time. With the development in internet and internet service providers in Nepal, Esewa started to operate as an online digital wallet service around 2009. It was not until 2015 that Esewa actually started to get famous in Nepal. Their market reach is wider than most of the other E wallet available in 2018, which includes the international money transfer from western union. Their goal is to make a cashless economy in Nepal, connecting not only domestic but the International markets in future.
The registration into Esewa is very simple and free for Nepalese citizen above 16 years of age. You will need to fill the form available in their website with a correct contact information for your own account security, then submit the form through the web. You will receive a verification code either in your email or your phone then you can activate the account. Once the account is created you must submit your legal document under their terms. They will verify your account within a day or two then you can start transferring the funds into the account and use it for your good purpose. You can also get certain percent of cashback for using Esewa while purchasing the products.
Esewa is available in iOS and Android both.
iPAY
The concept of iPay is similar to Esewa. They are also one of the famous and a bit more convenient Ewallet service available today. iPay is originally directed by "muncha" company which is famous within people staying in abroad who wants to send gifts/products to their family within Nepal quickly.
The registration into iPay is also a simple task. You can go to their website/app and register by filling the form with your email address/phone no. Once you submit, you will receive a verification link to activate your account. You can start using the account but mind you, you need to verify your details to do transaction over Rs. 2000, under their terms. They also give certain percent of cash back on purchase.
iPay is available in iOS and Android both.
KHALTI
Khalti is owned by a company - Sparrow Pay Pvt. Ltd. which is also one of the famous company that worked with SMS friendly services previously. Khalti made it's first debut in 2017 can info tech Nepal. Their service is leaned towards the mobile devices rather than the web platforms and has one of the best user interface in android and iOS for E wallet services.
The registration is simple as well, although the details you provide has to be accurate to your ID under their terms. Simply go to their web interface or an app then fill the registration form. You will need to verify your email/phone number you provided then you can top up the E wallet and use it.
Khalti is available in iOS and Android both.
IME PAY
IME Pay is making it's name into the mobile market in 2018 rapidly. It is one mobile friendly E wallet service and the user interface is quite simple as well. It is mostly used by users to pay bills and buy cheap air tickets on the go. The best thing about IME pay is the QR verification which makes transferring funds more convenient.
The registration is too simple. You can register through app with your contact information. Once you verify your contact information, you can top up with the fund and start using it. However, for more privilege, you might need to fill the KYC form to verify your personal details.
IME Pay is available in iOS and Android both.
QPAY
As the name suggest, Qpay utilizes the QR technology on the go. This is a big step for Nepalese market to get into a cashless economy. If you are on a shopping spree then this is one of the most convenient app you can carry with you while some of the famous name in business at Kathmandu valley are already utilizing this technology into their payment system. It's major focus is into the mobile market.
The registration is as simple as it can get. Sign up, verify, top up and use it on the go.
Qpay is available in iOS and Android both.
ePRABHU
Although late into market of E wallet but with the belief of too many people in their banking system they are covering a major market in Nepal. The money transfer is made convenient and secure by Prabhu bank in Nepal for a decade, both internationally and domestically. Thus, this wallet is mostly used for money transfers but they do include rest of the services that above E wallets provides as well.
The registration is quite simple although you might have to verify with the bank itself for the account.
ePrabhu is available in iOS and Android both.
NOTE: E wallets in Nepal are licensed by Nepal Rastra Bank. The digital E wallet market is rising every day with the increase of online businesses even in Nepal. Thus, you might have to use one of these service some day, not only for convenience but for security. So, you must check their license before you start using your real money to fund your account on new E wallets services. Stay safe!
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