Nepal Rastra Bank (NRB) came out with a licensing policy for the Payment Service Providers (PSP) and Payment System Operators (PSO) to provide financial services by using internet, mobile device and or payment card services in 2016. The growth of Mobile Penetration in Nepal was 118%, the internet penetration of 54% and the literacy rate of 62% of adult population. Thus, led to the emergence of IME PAY (mobile money) in 2016.
Swift Technology played a huge part in developing the core platform based on international standard mobile money platform architecture, with basic mobile money features like customer enrollment, cash-in/cash-out, P2P, airtime top ups, recharge, merchant payment along with bank account linking.
