Khalti Licensed as PSP by Nepal Rastra Bank, More Rights to Explore more for Khalti
Finally, it has come out to be the best news for Khalti as Khalti gets awarded with the Payment Service Provider (PSP) license by Nepal Rastra Bank under “Payment and Settlement by Law 2072 B.S” providing the mobile wallet services through the internet.
Khalti is the software that provides a platform to make payment digitally, i.e. it is the digital payment service. The software seems to be alternative to e-Sewa that has been widely popular all over Nepal or the software that runs under a similar mechanism as of e-Sewa making payment through online especially for the transactions performed online. It is the mobile wallet where we can very easily make payments for our transactions online.
Khalti since operates to make payment online it has to obtain the license of the payment service provider (PSP) so as to assure the trustworthiness and meet up all legal procedures. Khalti though had been launched on 26th of January 2017 was yet to get the PSP license while the similar digital service provider launched 10 years ago recently obtained the license.
Khalti has been working hard to maintain the security issues and the proper transactions online through mobile wallet on the internet and now have promised to work harder every day to make the system very reliable, relevant, secure, fast and accurate. They do promise they will work harder to bring out all of the offline transactions as Online Processing Transactions (OLTP). It, therefore, would further help for the Business Intelligence (BI), it would promote e-commerce and help in the e-governance that would help digitize Nepal by one step at a time.
Nepal Telecommunication Authority’s MIS report suggests that Nepal has around 132% mobile penetration while there exists the 59% broadband internet penetration. This suggests that Nepal has a population that uses lots of mobile phones and there are many of them using the internet on it. Likewise, Nepal Rastra Bank’s statistics show that there are around 6 million users using mobile banking in Nepal, while internet banking users show to be 1 million. The information through the statistics clearly suggests that people prefer mobile-based transactions and all they need is the platform to make the digital payment. However, the World Bank’s database shows only 45 percent of Nepal’s population is banked. This means Khalti can be one of the finest and significant service providers to perform the banking transaction and make online payments. It not only helps for the existing users but certainly helps gain new ones and aids contribution in digitizing Nepal.
Manish Modi, the managing director of Khalti shared his thoughts after Khali being awarded the PSP license. He said, “Digital Payment has been a very recent experience in Nepal. People have to travel to distant places just to make payments on different locations is annoying. To overcome such problems of making payments, he expressed to override the problem of being inline by performing the online transactions. He further added that Khalti will expand all over Nepal making it perform the transactions in different dimensions and simplify the lives of people all over the country.”
Khalti is supposed to be providing different services and digital payments in different ways as of mobile recharge, bill payments (water, electricity), DTH recharge, flight booking (domestic), movie ticketing, shopping sites, hotel booking and so on. The more important and interesting thing is Khalti has been providing the cashback service on almost every transactions. Khalti has been very popular as an alternative of e-Sewa and it looks to be expanding in no time. The current stat shows around 8,00,000 people have been using the software making different payments.