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Cashless Nepal – Features Nepalese Digital Economy Needs
Cashless Nepal – Important Features Nepalese Entrepreneurs Need to Flourish in the Digital Economy
1. Subscription Billing
Subscription-based services are growing in Nepal, from online education platforms like e-learning courses to entertainment services like music and video streaming. With a robust payment gateway, businesses can offer recurring billing, ensuring uninterrupted service for users while providing a steady revenue stream for companies.
For example, a local news website or e-learning platform can charge a monthly fee for premium content. With QR payment integration, users could scan a code to instantly subscribe without manually entering card details, making payments faster and more convenient.
2. Pre-orders for Products and Services
Pre-orders allow businesses to gauge market demand before launching a product, reducing financial risk and ensuring better inventory management. For instance, a Nepali entrepreneur launching a new book or a gadget could accept pre-orders through an online payment gateway, securing funds before production begins.
By integrating QR payments, customers could make instant reservations with a simple scan, increasing conversion rates and trust in online purchases.
3. Crowdfunding for Startups and Social Causes
Nepal has a thriving entrepreneurial spirit, but many startups struggle to secure initial funding. Payment gateways can support crowdfunding platforms where local entrepreneurs can raise capital from domestic and international backers.
Similarly, social initiatives like rural electrification projects or community-based tourism ventures could use crowdfunding platforms to collect small contributions from many people. With QR payments, donors could instantly contribute by scanning a code, eliminating barriers to entry.
4. Local and International Donations for Nepalese NGOs
Many NGOs in Nepal rely on local and international funding to support their projects. A reliable payment gateway can facilitate cross-border donations, ensuring seamless transactions for donors abroad.
For example, a disaster relief fund for earthquake or flood victims could collect funds instantly from global donors. By integrating QR codes in fundraising campaigns, even local donors could contribute easily via mobile wallets, boosting overall contributions.
Merchant Fees: A Result of Lack of Automation and Thoughtless Adoption Strategy
Payment gateways often charge a merchant registration fee to cover expenses related to onboarding, integration support, and compliance processes. Setting up a merchant account requires verifying business credentials, providing customer support for integration, and ensuring security compliance, all of which involve operational costs. However, these processes can be streamlined with a robust onboarding platform and digital KYC (Know Your Customer) verification. By automating verification and integration steps, payment gateways can significantly reduce manual workload and costs, making it feasible to offer free registration. This approach can increase merchant adoption rates, ultimately benefiting the digital economy through higher transaction volumes. One of the major obstacles to the widespread adoption of payment gateways in Nepal is the merchant registration fee. Charging businesses to onboard discourages small and medium enterprises (SMEs), startups, and local sellers from adopting digital payments.
Instead, free merchant onboarding can encourage more businesses to integrate digital payments, increasing transaction volume. Payment gateway providers can monetize through transaction fees, value-added services like analytics, and premium features instead of upfront registration costs. For instance, in countries like India, Paytm and Razorpay onboard merchants for free, leading to widespread digital adoption. Nepal should adopt a similar approach to accelerate digital transformation.
Fintech companies in Nepal have done a fantastic job making Nepal cashless however it looks like they have reached the peak of the innovation they could bring to the ecosystem and are instead focusing on grow-at-any-cost strategies instead of doing R&D and offering more needed features at value to the entrepreneurs. I strongly believe there’s still room for innovation and a well-thought-out payment gateway system can significantly impact Nepal’s digital economy. Subscription billing, pre-orders, crowdfunding, and international donations are just a few features that Nepalese entrepreneurs need to thrive. Tech companies that step up to provide these solutions will play a crucial role in transforming Nepal’s online payment landscape, fostering a more inclusive and cashless economy.
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Cashless Nepal – Features Nepalese Digital Economy Needs
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