NRB prepares to open up to $ 500 international payments through wallet

Nepal Rastra Bank (NRB) is seemingly on its way to open up for international payment via digital medium or wallet for Nepalese citizens. During the Fonepay digital Conclave, NRB’s Governor Maha Prasad Adhikari said” Nepal Rastra Bank is going to allow international payment through digital wallets”.

They started easing the system of receiving international digital payments last August. And the plan as of now is to allow making international payments viable too.

Currently, if you are a Nepalese citizen with a passport, then you can carry $1500 while going abroad. And a similar sort of rule is being made for the general public too.

He said that a policy is being created which will allow Nepalese citizens to hold $500 on their digital wallet. People can then use the amount on their wallets to make purchases from e-commerce sites such as Amazon or Alibaba. Similarly, the money can be used to pay for subscriptions to Netflix, Amazon Prime Video, and so on.

Mr. Adhikari clarified that making these services available won’t affect the nation’s reserve. Rather, their main concern is how to save the citizens from the possible fraudulent activities that might occur on these platforms.

They are working on a full-proof plan that will close all possible loopholes. Furthermore, an awareness program on how to use international payment gateways is likely on the cards too. 

This statement from Adhikari has got many excited. However, past events point to the fact that it might just be too soon to get excited about this. As we all know, there are certain procedures to get these sort of rules across the line.

So, as of now, it is only in the discussion phase. God knows how long it will be until it becomes reality. Until then, all we can do is sit patiently and hope for the best.

Also Read: Top 7 Digital Wallets in Nepal – 2020