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NRB Forbids Money Transfer from a Wallet to a Bank Account

You can no longer transfer money from a wallet to a bank account if the money is loaded from a credit card. Amending the existing guidelines on payment, NRB recently announced the regulation and urged PSPs to implement the code soon.

If you are in the habit of loading money into your digital wallet from a credit card, be careful. Nepal Rastra Bank has declared that you can’t transfer that money from your wallet to a bank account.

That means you can use that money only for electronic payments of goods and services.

NRB issued this regulation after the amendment to the Unified Guidelines on Payment Transactions 2078. Now, the money loaded into a digital wallet account via credit cards can’t be used to transfer to a bank account and withdraw. NRB has also directed the payment service providers to implement this ruling.

The restriction on transferring from a wallet to a bank account applies to the money loaded from a credit card. Besides credit cards, money loaded into the wallet can be transferred to any possible bank account without any regulatory obstruction.  Also read: Khalti Finally Integrates FonePay Scan to Aid Digital Payment

Khalti has implemented this for 2 years

Meanwhile, prominent digital wallet Khalti has implemented this ruling two years ago. And regarding NRB’s regulation that will apply to all the service providers, Khalti CEO Binay Khada said, “Khalti has already made such provision that NRB has introduced now. This regulation will guide all-digital payment service providers one step further to work more responsibly.”

Generally, there is no provision to engage in money transactions from credit cards. However, the central bank has allowed withdrawing cash up to 10 percent of the approved limit in case of an emergency. For digital wallet users though, it may affect them if loading money into their mobile wallet from a credit card was a frequent occurrence.

Don’t miss: Now You Must Mention Purpose While Paying Via Digital Wallets

Do you use a credit card to load money into your digital wallet? If yes, then the new NRB regulation will compromise your way of engagement with the digital wallet to an extent. how do you feel about this? Do let us know in the comments below.

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