May 2: Nepal Rastra Bank has approved eight companies across the country to operate digital wallet service.

Besides, the central bank has also approved the Letter of Intent of 35 other companies.

At present, electronic-payment companies in Nepal are witnessing tough competition for operating their digital wallet service.

The arrival of new companies in the service has raised the competition to a higher level for all the online payment gateways.

Twelve different companies are operating online payment service in Nepal out of which only eight have been approved for operation by Nepal Rastra Bank.

The Payment System Department of Nepal Rastra Bank said in a statement that it has approved letter of intent (LOI) of 35 different digital wallet companie s.

According to the provision of Nepal Rastra Bank, the companies receiving LOI must receive the approval for operation certificate within six month for operating e-payment services. 

Nepal Rastra Bank has given the license of  Payment System Operator to Prabhu Technology, Nepal Clearing House Limited and Smart Choice Technology.

Likewise, IME Digital Solution Limited , e-Sewa Phone Pay Pvt Ltd, Salecom Pvt Ltd, CG Pay Nepal Pvt Ltd Khalti Digital Wallet have been approved as Payment Service Provider by the central bank of Nepal.