MyPay Digital Wallet Emerges as the New Player among PSPs; What to Expect?

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NCHL

A new player in the digital payment systems of Nepal, MyPay has started its operations. It has launched its services in Nepal on the 19th of November 2021. It is a smart wallet enabling users to perform daily financial transactions.

About MyPay

MyPay is the new digital wallet in Nepal. It is a Payment Service Provider (PSP), licensed under Nepal Rastra Bank to provide digital payment services. It is a product of Smart Card Private Ltd.

With a vision to create a more diverse, secure, and stable digital payment system, MyPay has started its operation in Nepal.

You can download it for Android devices through Google Playstore.

Why download MyPay digital wallet app?

MyPay digital wallet is providing loyalty bonuses and attractive cashback on making payments through it. You can get these benefits while using the MyPay app:

  • Enjoy highest cashbacks through this app while paying online
  • Get discounts in more than 500 merchants throughtout the country
  • Earn loyalty points

Apart from that, MyPay has announced 25% cashback, up to NRs 100 on making payments through this app.

MyPay Digital Wallet Emerges as the New Player among PSPs; What to Expect? 1
MyPay Cash Back Offer

Features in MyPay Digital Wallet

MyPay app offers the following payment options through its mobile app:

  • Mobile Top-up
  • Electricity Bills
  • Internet Bill
  • Internet Bills
  • TV Bills
  • Send and request funds
  • Wallet load

Also, you can load your MyPay wallet through either mobile banking or through internet banking.

MyPay Digital Wallet: What to expect from this new player?

Digital wallets are emerging in the Nepalese economy to ease payments. In these recent years, digital wallets are getting wider acceptance. From mobile top-ups to making government payments, digital wallets are getting popular all around Nepal.

According to NRB’s Payment Systems Oversight Report 2078, the status of digital wallets is as in this table:

Payment Systems ProvidersNumber
A- class BFIs licensed by NRB as PSPs27
B-class BFIs licensed by NRB as PSPs18
C-class BFIs licensed by NRB as PSPs6
Non-BFIs licensed by NRB as PSPs10

In this scenario, Smart Card Private Ltd. has introduced MyPay as a new digital wallet in Nepal. While there are lots of existing players in the market, this new entrant obviously has some challenges to getting market coverage. In this case, MyPay is also running promotional campaigns like cashback and discounts. However, the users on the other side are expecting some unique services that would help it to increase its visibility.

Let us hope MyPay digital wallet adds more services and brings attractive offers for the customers and grows accordingly in the digital payment system of Nepal. After all, it also has a lot to contribute to the digital economy in Nepal.

Also read: Data is The New Oil: Here’s How Your Data Can Help People Manipulate Your Political Views

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