Nepal Rastra Bank Mandates National ID for Digital Wallets

Nepal Rastra Bank has made it mandatory for digital wallet service providers to verify users’ national identity cards when opening and updating accounts.

The central bank’s revised integrated directive on payment systems, which includes the provision, was issued on Friday. According to the revised directive, digital wallet service providers must verify users’ national identity cards electronically before opening an account.

Service providers must also obtain a self-declaration from users through their mobile application or other suitable means by the end of Ashar 2083, stating whether they have a national identity card or not. Users who already possess a national identity card must update their wallet information by the end of Ashar 2083.

Those without a national identity card must update their information once they obtain one, and service providers must inform them to do so every month. The provision allowing Nepali citizens living abroad to open digital wallets online using necessary documents remains unchanged.

However, such users must update their national identity card information within six months of returning to Nepal. The revised directive also allows people with disabilities and those who are unable to manage their own affairs to open and operate digital wallets using their national identity card or other necessary documents.