How Do You Analyze The Digital Payment System Boom In Developing Countries?

Expatriates in developed countries send money to Nepal through digital services. When things are purchased through various online platforms, digital payments are made through online and digital channels. To send and receive money, both the payer and the payee must be users of digital payment services. In the case of Nepal, it is clear that the use of the digital payment system is growing by the day, particularly in the post-COVID era.

Digital payment has shown to be the best replacement for traditional payment methods such as cash and check. It has also made it easier for people and businesses to complete their transactions with fewer clicks while sitting in one corner of the room or workplace. As a result, money transfers to Nepal are mostly done through digital platforms.

What Are The Impact Of Digital Payment Service Provider In Post-Covid-19?

In this post-COVID era, the quantity of digital financial transactions is increasing, as is the number of new online portals and platforms. Various banks and financial institutions (BFIs) have created their digital payment applications and websites. E-wallets such as E-Sewa, Khalti, IMEpay, ACE Money Transfer, and others, in addition to banking sites, are frequently utilized digital payment systems. At the moment, while other firms are struggling, the digital payment platform’s business is booming. E-Sewa is the oldest and most popular E-wallet, with over 3 million users since its inception in 2009. Khalti is a new E-wallet that was launched in 2017 AD. ACE Money Transfer is an international money transfer service provider, offering service in 100+ receiving and 23+ sending countries worldwide. Most Nepalese working abroad send money to Nepal online through ACE Money Transfer.

Why Majority Of Expatriates Prefer Online Money Transfer Service To Send Money Back Home?

Due to the potential of COVID contagion and spread, many people now choose to conduct business online, whether it’s for purchasing items, paying for goods and services, or receiving income and salary. This has resulted in a significant increase in the use of e-wallets such as E-Sewa, ACE Money Transfer, and others, as well as mobile banking, e-banking, and other forms of electronic payment for internet bills, utility bills, balance top-ups, and online shopping.

Now, most countries have allowed transportation, and life is not getting normal; expatriates in developed countries got back to work. They have started online money transfer to Nepal and other countries to support their families back in home countries.