That translates to around 29 percent of the total population. The growing user base of mobile banking in Nepal has led corporate houses like IME Group and Prabhu Bank to develop digital wallets, alongside existing tech companies such as Janaki Technologies’ Khalti and F1Soft’s Fonepay.Īccording to Nepal Rastra Bank, the number of mobile banking users soared five-fold-from 1.75 million in 2016 to 8.34 million in 2019. But despite the number of cashless apps available to users, most consumers still prefer cash, according to service providers and vendors. From petrol depots to butcher shops, a growing number of businesses display a small placard with a QR code on it, notifying customers that the outlet accepts cashless payments.ĭigitals wallets like Fonepay, IMEPay, Khalti and PrabhuPay have proliferated particularly this year, making aggressive marketing pushes into retail.
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