4th May 2022, Kathmandu
NRB’s Directive Purpose Should Be Disclosed Mandatorily While Transacting In The Digital Wallet
Nepal Rastra Bank has made it mandatory to disclose the purpose when using a digital wallet.
On Monday, the central bank issued a payment system directive requiring customers to disclose the purpose of loading money into an electronic wallet, transferring money from one wallet to another, and other electronic transactions.
Similarly, when opening an account and updating the customer identification details in the electronic wallet, the customer will be required to electronically declare that the information provided is true, and if the information is found to be false, he or she will be reimbursed in accordance with the law.
Money loaded from a credit card into a wallet can no longer be transferred to a bank account. Nepal Rastra Bank has made such an arrangement by amending the payment system’s Unified Directive 2078.
According to the NRB, the amount loaded into the wallet via credit card should only be used for electronic payment of goods and services.
Furthermore, the payment service provider must make arrangements for the money transferred from the credit card to the wallet to be transferred to the bank account rather than withdrawing cash.
You can access the NRB Circular HERE
