Nepal Rastra Bank Updates Payment System Directive

Nepal Rastra Bank has made amendments to the Integrated Directive on Payment Systems, 2082, incorporating provisions related to national identity cards in the process of opening and updating ‘wallets’ by payment service providers.

According to a circular issued by the Payment Systems Department on Friday, the revised provision requires payment service providers with permission from the central bank to verify the details of Nepali citizens, including those based on electronic records of their national identity cards, before opening a wallet.

Furthermore, the directive requires authorized institutions to obtain a self-declaration from wallet users through mobile applications or other suitable means by the end of Ashar 2083, stating whether they have a national identity card or not.

As per the directive, Nepali citizens who have obtained a national identity card must update their wallet with their national identity card number by the end of Ashar 2083. Those who do not have a national identity card must update their information after obtaining one, with the provision that they will be informed every month.

The provision allowing Nepali citizens living abroad to open electronic wallets online based on necessary documents remains unchanged. However, such users must update their national identity card details with the concerned institution within six months of returning to Nepal.

Provisions for Incapacitated Citizens

The revised directive also includes provisions for incapacitated and helpless citizens, allowing them to open and operate wallets based on their national identity card or national identity card number, as well as other necessary documents.