NRB Prepares to Open International Payments up to $500 Dollars through the Wallet

Nepal Rashtra Bank is finally going to open a facility to make international payments through digital medium or wallet. NRB’s Governor Maha Prasad Adhikari informed this at the Phone Pay Digital Conclave.

From last August, Nepal Rashtra Bank had eased the system of receiving international digital payments. Currently, Nepali travellers going abroad have the facility to spend up to $1500 US dollars through the card on the basis of a passport.

However, there is no facility to buy goods through foreign e-commerce and subscriptions of other services online. Due to this reason, it has become inconvenient to access online games, paid apps, Amazon Prime, Netflix and international e-commerce services.

To overcome this problem, online payments are being open, as said by the Governer Adhikari.

“We are in talk to allow to open the account up to $500 Dollar,” he said. “It will be helpful in buying goods from foreign e-commerce and payments of subscriptions or services online,” he added.

Speaking at a program organized by Brand Worth, sponsored by Ncell, Governor Adhikari said that foreign online payments should be gradually opened. He further said, “We are also considering to allow Payment Service Providers to find their association.

We have now fourteen months of foreign exchange reserves to support imports. In such a situation, there is no inconvenience to the country when international online payments are opened in certain limits.”

He also said that it would increase business, various activities and convenience, adding that Nepal couldn’t stop the issue opened by the world. “However, it is necessary to study and determine the exact process,” he added.

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