Nepal Rastra Bank (NRB) has amended the Payment and Settlement Bylaw, 2077 to allow digital wallets to merge. The amendment was made in order to promote consolidation and rationalization of the digital payment industry in Nepal. Under the new amendment, organizations that have received a license to perform payment activities can merge or acquire each other. However, only payment system operators (PSOs) and payment service providers (PSPs) of the same nature can merge.
The amendment to the Payment and Settlement Bylaw, 2077 is a positive step for the digital payment industry in Nepal. It will allow for consolidation and rationalization of the industry, which will lead to greater efficiency and better services for consumers. The amendment will also help to promote competition in the industry, which will ultimately benefit consumers by driving down prices and improving innovation.
Here are some of the potential benefits of digital wallet mergers:
- Increased efficiency: Merging digital wallets can help to reduce costs and improve efficiency by eliminating duplication of resources and processes.
- Enhanced customer service: Merging digital wallets can help to improve customer service by providing customers with a wider range of services and features from a single provider.
- Increased market share: Merging digital wallets can help to increase market share by creating a larger and more competitive player in the industry.
- Enhanced security: Merging digital wallets can help to enhance security by pooling resources and expertise to develop and implement more sophisticated security measures.
Overall, the amendment to the Payment and Settlement Bylaw, 2077 is a positive step for the digital payment industry in Nepal. It has the potential to lead to greater efficiency, better services, and enhanced competition in the industry, which will ultimately benefit consumers.
