The Nepal Rastra Bank will offer additional facilitation in the digital payments in a bid to stop financial anomalies and facilitate revenue collection, according to the Monetary Policy for the current fiscal year, 2023/24 published today. “Revenue collection will be facilitated by maximally utilizing the digital payment system by the offices offering public services,” it […]
KATHMANDU: The Nepal Rastra Bank (NRB) is learned to have been preparing to issue a digital currency. As said by the central bank’s executive director, Guru Prasad Paudel, so far 11 countries in the world have their digital currency, and the bank is too studying the requirements and making preparations for issuing its own digital […]
Digital payments and fintech saw record highs across the economy in 2020, as a substantial number of people decided to stay at home and maintain social distance due to the Covid 19 epidemic and lockdown measures. With concerns about catching new coronavirus infections by visiting bank offices and using currency notes, many people– not only in metros but also in smaller towns– have begun to use their smart phones to pay and even take out loans for more convenient banking services.
Fonepay is a digital payment processor that facilitates mobile/digital payments by connecting customers, banks, and merchants in an interoperable network. Fonepay is a subsidiary of F1Soft Group, a diversified Digital Financial Services (DFS) holding business that has been in operation since 2004.
Fonepay is also Nepal's first mobile payment network to be licensed as a Payment System Operator (PSO) by the central bank, as well as the country's first non-card based PSO to...
Amid reports that Nepalis are involved in illegal cryptocurrency transactions, the government is preparing to launch a digital currency.
The post Nepal central bank also prepares to launch a digital currency appeared first on OnlineKhabar English News.
KATHMANDU, Aug 14: The Nepal Rastra Bank (NRB) will set up a national payment switch in a bid to promote a cashless transaction.
Unveiling the monetary policy on Friday, NRB aims to observe the fiscal year, 2022/23 as the year of promotion of electronic payment and transaction, for which it will stress necessary infrastructural development and create awareness in the current FY, 2021/22.
The policy has emphasised the use of a country's own payment card while establishing interconnectivity among electronic payment gateways and clearing and recording digital payment gateways.
Special re-loans would be provided to payment service providers or payment system operators and communication service providers for the development and promotion of the ecosystem of the whole electronic payment system.
The central bank will make necessary arrangements for facilitating the payment of revenue and all sorts of payments through banking and digital systems. Arrangements will be made for beneficiaries entitled to social security allowances to receive the allowances digitally from the banks dealing with government transactions.
The deadline for payment service providers and payment system operators to meet minimum transactions and customers has been extended until mid-July, 2022 over the ongoing COVID-19. Similarly, a digital loan guideline will be prepared and implemented for facilitating banks and financial institutions to provide their services like loan application and approval digitally.
The policy aims to carry out a feasibility study of digital currencies in the country in the context when many foreign countries have adopted it or some others are at work. Arrangements would be made for anyone to apply for citizens saving bonds and foreign employment bonds digitally and a necessary study of the use of cloud infrastructure would be carried out.
There is a policy of carrying out a necessary study of the subject for payment providers to provide micro credits up to a certain amount in line with the concept of digital banking. This is to promote micro, small and cottage industries and startups.
Payment service providers and payment system operators except banks and financial institutions have to inform transactions beyond the ceiling and details of suspicious transactions to the financial information unit, said Governor Maha Prasad Adhikari.
