Is Digital Payment Ruling the Transaction, Post COVID-19 in Nepal?

The coronavirus outbreak has brought a global crisis. It has led to a massive hit in the economy sector with a drastic impact on the banking sector as well. Businesses are shutting down, markets are crashing, jobs are being lost and everything is going haywire. One of the notable problems arising from this is the lack of access to liquid cash. As we aren’t allowed to go out due to the risks of COVID-19; most people’s money has been frozen in banks, cooperatives, and finances. Not only that but it is even difficult to send money to your family and friends at a time of crisis due to this. This is why online payment gateway in Nepal has become a necessity as of the current situation.

Services of digital wallets like eSewa, Khalti, ImePay, and e-Payment systems like connectIPS are now popular than ever and they too have upped their game by launching great initiatives regarding transactions and bill payment in Nepal. Similarly, major commercial banks such as NIC ASIA and Nabil Bank have been doing their utmost to promote their digital banking services as well.

The Suffering Cash

As the spread of the virus has been causing mayhem worldwide, the whole world is fighting to stop the transmission. The virus is considered to spread through contact, it is believed that the virus could even survive on different surfaces such as paper money as well. As the flow of cash is required for the economy, slowly this flow is turning digital.

• The dollars returning from Asia are being quarantined for seven to ten days by Federal Reserve banks to avoid spreading the virus.
• The banknotes have been quarantined for seven to 14 days after being subjected to ultraviolet light or simply destroyed in China and South Korea.
• World Health Organization was quoted as warning that currency could harbor the coronavirus. Later they also insisted on washing one’s hands after handling cash.
• It was found that this virus can persist on metal, glass, and plastic for up to nine days absent disinfection and could linger for a day on paper, another strain for four to five days.
• The surfaces and keypads of ATMs may have viruses lingering on them.

Also Read: Fintech in Nepal

Online Payment Gateway in Nepal

Well, as they say, every cloud has a silver lining. The silver lining here may be the boom of digital transactions since as a ripple effect of COVID-19 outbreak. With health concerns, lack of access to liquid cash, and maintaining social distance becoming a norm; digital transactions have been on the rise lately. Not just that but businesses have started promoting online payment gateway in Nepal and providing exclusive offers on digital payments. This is a bid from them to boost the culture of digital transactions. Be it discounts on buying groceries, medical supplies, or receiving bonus data packages on balance top-ups; there are offers everywhere on digital payments.

Moreover, digital payment platforms in Nepal have also removed charges for bank transfer during this time as well. There was also the establishment of ‘mDabali’; a platform through which gives you digital access to your funds from cooperatives and finances. Likewise, banks have made activating mobile banking easier. Now you can just activate it through a few steps from your phone. They have been continuously collaborating with companies to provide discounts and offers on digital transactions. This shows that digital transaction is being promoted from every possible sector in Nepal.

Moving to a Digital Monetary Future?

As the proverb goes “Better late than never“; so if you aren’t already familiar with digital transactions then this is the time to start. There are numerous benefits you can obtain through digital transactions and it also ensures safety. From amazing offers to easy and fast transactions, it provides you with an ample amount of services. Moreover, in a time when you have to maintain distance due to the COVID-19, this is a great alternative. Digital transactions have already established themselves to quite an extent in the Nepali market. With the ongoing circumstances, it is known without saying that they are going to be the future of monetary transactions. The compulsion today will make the digitization tomorrow’s normal.

Is Digital Payment Ruling the Transaction, Post COVID-19 in Nepal? Have you used Digital Wallets, Mobile Banking Apps, or any other digital payment during the lockdown? Share your thoughts in the comment below:

Follow us on our Facebook, Instagram, Twitter, and Youtube accounts and Viber community for our regular updates.