eSewa secured fund transfer has arrived for a good cause. As we all know, eSewa is the most popular digital wallet in Nepal & thousands of transactions occur daily. The rise in the use of digital payments for online shopping, personal use, borrowing has also created a dark side too. Yes, frauds & scams have also evolved swifter and already caused loss of money to the users. That’s why the eSewa secured fund transfer feature is going to be a necessary one. Learn more about it below.
Check out: Top Digital Wallets in Nepal
What is eSewa Secured Fund Transfer?
Secured fund transfer is a medium of transferring money from the sender’s eSewa wallet to the receiver’s eSewa wallet in which the paid amount remains held up in the sender’s account. That means the amount is kept held by the sender until he gets his product or service from the receiver. After the receiver has fulfilled his obligations, he can receive the amount after the sender releases it. With a higher number of digital transactions daily, this feature comes in handy to pay unknown sellers/persons or service providers. It aims to decrease the frauds which are quite common these days. So, buyers who are skeptical about the sellers can use this feature to ensure security & no risk.
How To use eSewa Secured Fund Transfer Feature?
eSewa Secured Fund Transfer feature is embedded along with the “Send Money” feature on the app itself. You can also choose the regular sending option without the secured fund feature. While to perform secured fund transfer on eSewa, here are the steps;
- Step 1: Go To Send Money option on eSewa
- Step 2: Fill up the receiver’s eSewa ID number & amount of money to send
- Step 3: Turn on Secured Transfer Option if it is not turned on automatically
- Step 4: Complete the remaining details to be filled in & press Proceed button
- Step 5: Read the disclaimer & Click on the “I Agree” button
- Step 6: After that, a confirmation page with all the details & charge service incurred will be shown. Click confirm after checking everything. Then, the transaction remains in a “Pending” status. It will be visible for both sender & receiver with a notification badge for the receiver.
- Step 7: If you are the sender, you can simply release the fund after getting the product or services.
- Step 8: If you are the receiver, click on “Request” and it will notify the sender to release the amount after the delivery of goods & services.
After the aforementioned step, the pending amount will be transferred to the receiver’s wallet. However, the service charge will be imposed on the receiver’s wallet. For such a scenario, the agreement can be done earlier between the sender & the receiver regarding who would pay the service charge.
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In Case of Dispute Transactions
- Step 1: During financial transactions, disputes might occur at the final price or charges. In such cases, both the sender & receiver can go for the “Complain” button.
- Step 2: After tapping the “Complain” button, details have to be filled in like; complain types, complain remarks & document of proof (If you have any).
- Step 3: Click on the “Submit” button. Then the complaint will be registered.
- Step 4: In this stage, the transaction status will change to Under Review status. Only the admin can do the necessary action at this stage to settle the dispute. Both sender & receiver are denied to take any actions during “Under Review” status.
- Step 5: Both sender & receiver will get the push notifications by eSewa. The company will analyze the complaint & assist to refund or release the amount to solve the issue.
Service Charge for eSewa Secured Fund Transfer
The secured find transfer on eSewa is not a free service by the way. The company charges 5 rupees for transactions from Rs.1000 to Rs.5000. Transactions above Rs.5000 will cost 10 rupees as the service charge.
Our Thoughts
This new feature is brought by eSewa for the very first time. It is going to be a reliable medium for safe money transactions. People shopping online for gift cards, gems for mobile games are subject to fraud & scams. Teenagers are easily lured by scammers putting fake ads about game coins & gems. So here, the secured fund transfer feature becomes very important. Scams & fraud can be minimized by a huge margin if we start following such features.
Also for the customers shopping online, they can hold the payment until delivery & confirmation. It gives them time to verify whether the products and services are intact or not, after delivery. If yes, they can release the amount to the seller. In this way, risks regarding fraudulent activities are mitigated. We hope other digital wallets like Khalti, IME Pay, Prabhu Pay, Namaste Pay, etc will enable this feature soon too.
Also Read: eSewa Vs Khalti: Comparing Two Major Payment Service Providers in Nepal
So, have you used the eSewa secured fund transfer feature yet? Are you happy to have such an important feature on a digital wallet? Please do write your thoughts regarding this in the comment section.