Nepal Payment Solution Pvt. Ltd. has collaborated with The City Express Money Transfer to unveil a platform for remittance wallet transfer. Mr. Pratap Shrestha, Chief Experience Officer (CXO) of NPS and Mr. Shyam Lamichhane, Chief Business Officer (CBO) of The City Express signed the agreement on behalf of their respective organizations.
This initiative will facilitate electronic remittance transfers from any location, at any time, and to any wallet. This effort aims to provide service in remote areas also with more efficient access to digital remittance and customized financial solutions than physical remittance to the service recipients. Above all, it bridges the gap of traditional or physical remittance with various verification processes. It will ensure that funds are transferred swiftly. Sending and receiving funds is instantaneous with this electronic remittance transfer system, which maximizes the benefits of digital wallet transfers. Trend of using digital wallet to replace cash is growing as it has been the convenient option for all the service recipients. Overall, remittance wallet transfers provide security, convenient time frame and excellent reach for everyone.
With the widespread adoption of remittance wallet transfer technology, remittance companies and bank and financial institutions (BFIs) are preparing to equip their remittance platforms and customers to accept digital remittance payments.
Nepal Payment Solution (NPS):
Nepal Payment Solution (NPS) is an aggregator focused on BFIs, Remittance Companies and Business Houses. The majority of commercial banks and financial institutions have partnered with Nepal Payment Solution. NPS empowers payment gateway and service providers such as IME Pay, Prabhu Pay, Khalti, Namaste Pay, and other numerous PSPs, as well as remittance companies, in addition to banking partners.
Revealing Some Facts about Remittance in Nepal
Nepal is one of the top 20 remittance receiving countries in the world and among the top 5 of them in South Asia. In 2076/77 alone, Nepal witnessed the inflow of Rs 642.14 billion in remittance in the first eight months (mid-July 2020 to mid-March 2021) of the current fiscal year.
The remittance sending points generally covers the gulf countries. Malaysia is the top most foreign employment destination for the Nepalese since more than 700,000 of them are working there (according to the report from the Ministry of Foreign Affairs). Remaining remittance inflows from other destinations like Kuwait, Bahrain, Qatar, Korea, Japan, UAE, Europe and the USA.