Now You Must Mention Purpose While Paying Via Digital Wallets

Now, users must clearly mention purpose while paying via digital wallets. The central bank Nepal Rastra Bank has amended the Unified Guidelines on Payment Transactions 2078, making the disclosure of purpose mandatory while performing transactions via mobile wallet.

NRB announced the new regulation in its recent notice.

While loading money into a digital wallet, transferring money between wallets, and other electronic payments, users must mention the purpose of the money being transacted, the notice concerning the licensed payment service providers states.

Likewise, when opening a new digital wallet account, or updating the personal details, arrangements have been made to declare whether the details submitted are true or false. The user will also agree that if the data turned in is false, he/she will be subject to legal action as per the existing acts.

Also read: Implement Interoperability: NRB to Digital Payment Service Providers

Careful with the account and transactions

The new regulation means that users need to be cautious while opening a digital wallet account and filling up personal details. It is mandatory that each detail is correct. We suggest you keep a good eye while updating your KYC form for any digital wallet you are using. Not to mention, disclosure of the purpose while engaging in any transaction on an electronic wallet is a must.

The government bodies have tightened their scrutiny on online payment services in recent months since dollar reserves have been dwindling in recent months. Saving the outflow of cash and bringing each transaction to the official channel is the foremost priority for the government as well as its security. Check out: Corporate Pay Transaction Record, NPR 1 Trillion in 9 Months

How often do you use a digital wallet for transactions? Do you approve of the NRB that you need to mention the purpose while paying via digital wallets? Let us know in the comments below.

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