NRB finally opened the door for an international payment gateway but is the limit on it worth it?

After all the noise, finally, NRB has approved the prepaid dollar card for the general public. With this step, the door to the international payment gateway has opened in Nepal.

The new regulation from NRB now allows any Nepali national to make a Prepaid Dollar Card. Here is the official release. But the question is, “Is this worth it with the limit of 500 dollars per year?”

international payment gateway

Although there was a provision for banks to make the payment on behalf of their clients, it was still a hassle. They could pay amounts up to $3,000 on the client’s request. Amounts higher than $3,000 and up to $10,000 needed the regulator’s recommendation. But now with this step, the people don’t have to rely on the banks. 

Since the release of the statement by NRB, different reactions are coming from the netizens. A large section of people has appreciated the step. Whereas, there is a section of people who thinks the limit of 500 dollars per year is not worth it.

Deputy Governor of NRB said that this arrangement would be very fruitful as it would ease the payment of foreign currency to the public up to a certain limit. “This is a great achievement,” he said. Adding that “now the general public can buy the goods and services they want from abroad at home.”

Just to make clear it is not possible to withdraw cash from the prepaid card issued by the bank like from the ATM card. The card can be used only for payment through electronic means while buying goods from abroad. Earlier, it was possible to open a US dollar account in a bank only that has the regular source of dollars.

Also Read: NRB decides on Prepaid Dollar Card for general Public.

Now let’s talk about the limit on the card.

As stated earlier, a section of netizens is not satisfied with the limit. Let’s look at it closely.

If we see the trend in Nepal, after the pandemic only the majority of people are accepting online purchasing habits. So looking at the scenario, the 500 dollars per year is quite a great start.

We can’t ignore the fact that there is a section of people who can afford to spend more than 500 dollars a year. But we need to understand the fact that this is just a start by NRB. And it is commendable.

Currently, the most demanded international services in Nepal are streaming platforms like Netflix, Prime, and Spotify. And for all these the limit seems quite perfect.

Having said all, it is quite a positive step by NRB. And maybe we can see more modifications in the international payment gateway soon.

Here is the list of banks issuing prepaid cards.

  1. Nepal Bank Limited 
  2. Agricultural Development Bank 
  3. Nabil Bank 
  4. Nepal Investment Bank 
  5. Standard Chartered Bank 
  6. Himalayan Bank 
  7. Nepal SBI Bank 
  8. Nepal Bangladesh Bank 
  9. Everest Bank 
  10. Kumari Bank 
  11. Lakshmi Bank 
  12. Citizens Bank 
  13. Prime Commercial Bank 
  14. Sunrise Bank 
  15. Century Bank 
  16. Sanima Bank 
  17. Machhapuchhre Bank 
  18. NIC Asia 
  19. Global IME Bank 
  20. NMB Bank 
  21. Prabhu Bank 
  22. Siddhartha Bank 
  23. Bank of Kathmandu 
  24. Civil Bank 
  25. Nepal Credit and Commerce Bank 
  26. Rastriya Banijyal Bank 
  27. Mega Bank
  28. Garima Development Bank 
  29. Jyoti Development Bank 
  30. Kamana Sewa Development Bank 
  31. Mahalakshmi Development Bank 
  32. Muktinath Development Bank 
  33. Shangrila Development Bank 
  34. Sign Resunga Development Bank 
  35. Lumbini Development Bank 
  36. Saptakoshi Development Bank 
  37. Excel Development Bank 
  38. Green Development Bank 
  39. Karnali Development Bank 
  40. Miteri Development Bank 
  41. Indus Development Bank 
  42. Tinau Mission Development Bank 
  43. Sahara Development Bank 
  44. Narayani Development Bank 
  45. Corporate Development Bank 
  46. Salpa Development Bank

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