Kathmandu. The extent to which Nepal’s digital wallets are negligent has been exposed. It has been found that wallets do not even renew the antivirus that they do not use in their system.
The Payment System Inspection Report 2024/25 released by Nepal Rastra Bank has revealed that some wallet companies in Nepal have committed serious negligence in cybersecurity.
According to the report of the Rastra Bank, some companies have not renewed the antivirus software used in their system on time, did not check the security vulnerabilities and the log-in session did not end on time. Due to these vulnerabilities, the wallet system is at high risk of cyber attacks, according to the NRB.
The number of wallet users in Nepal has reached more than 2 crore 67 lakhs. The Nepal Rastra Bank (NRB) has said that it will carry out strict monitoring of the customers’ personal details and money as they may be at risk if they do not invest enough in security standards even though the transaction is increasing rapidly.
Meanwhile, the Nepal Rastra Bank (NRB) has taken action against more than a dozen wallet and payment service companies for violating the rules. Nepal Rastra Bank (NRB) has revoked the license of Paywell Nepal Pvt. Ltd. and Sajig Pay Payment Services on Asar 5, 2082.
Similarly, Prabhu Technology, Khalti Pvt. Ltd., I-Cash and Fintech Pvt. Ltd. have been warned on different dates. During the inspection conducted by the Rastra Bank, it is understood that the most common deficiency was seen in e-Sewa.
