Nepal Rastra Bank is looking forward to facilitating digital international payment in Nepal soon. Mr. Maha Prasad Adhikari, Governor of the Nepal Rastra Bank, made the announcement during Fonepay Digital Economy Conclave.
“We are looking to allow users to create a $500 account, from which they will be able to pay for subscriptions and purchase through e-commerce sites,” says Adhikari. This should presumably allow users to subscribe to online streaming services like Netflix and Amazon Prime as well as shop from Amazon in Nepal.
Adhikari also goes on to add that the central bank reportedly has consolidated foreign currency that can withstand import for as long as 14 months. Hence, the payment facility won’t affect the nation in any way.
However, Nepal Rastra Bank is yet to come up with a final modality. While a tremendous rise of internet users in Nepal has resulted in a surge in service consumption including games, e-commerce, and media, most of it essentially involves international payment, forcing users to find their way around for payment.
Hence, the launch of a digital international payment facility in Nepal actually makes sense, considering how far the rest of the world has reached.
The Government of Nepal did come with a plan to launch its own “National Payment Gateway” which would handle international payments, but like every other project, this one’s kept in the dark as well. So, we are quite skeptical if NRB’s plans will ever come to fruition.
