NRB Stricts wallet transactions : 3 New Provisions

May Tue 2022 02:05:03


NRB Stricts wallet transactions : 3 New Provisions

Nepal Rastra Bank has tightened its grip on wallet transactions. Nepal Rastra Bank has tightened the Unified Directive on Payment System-2078 BS by amending and adding. According to the new arrangement, the amount loaded in the wallet through credit card will have to be used only for electronic payment of goods and services. The payment service provider has to make arrangements to transfer the amount to the bank account and not to withdraw cash.

Credit card transactions are generally not available. However, NRB has a provision that in case of emergency, it will not be considered as an obstacle to withdraw cash up to 10 (ten) percent of the approved limit of the card.

Similarly, when a customer opens an account in an electronic wallet and updates his / her customer identification details, he / she is required to electronically declare that the details submitted are true and if the details are found to be false, he / she will be informed accordingly.

NRB has also made it mandatory to disclose the purpose while loading money in electronic wallet, transferring money from one wallet to another and other electronic payment transactions.