NRB Mandates National ID Verification for Digital Wallet Registration and Updates

The Nepal Rastra Bank (NRB) has amended the Integrated Payment Systems Directive, 2082, to introduce provisions related to the National Identity Card (National ID) in the process of opening electronic wallets and updating user details.

The Payment Systems Department issued the 15th amendment to the directive through a circular on Friday, requiring licensed payment service providers to mandatorily verify the electronic record of the National ID of Nepali citizens before opening a digital wallet.

Under the revised provisions, licensed payment service providers must obtain a self-declaration from wallet users by the end of Ashwin 2083 regarding whether or not they possess a National ID. The declaration can be obtained through mobile applications or other appropriate means.

Nepali citizens who already have a National ID must update their wallet details with their National ID number by the end of Ashwin 2083.

For users who do not yet have a National ID, payment service providers must establish a system to notify them every month to update their wallet details after obtaining the identity card.

The existing provision allowing Nepali citizens residing abroad to open electronic wallets online using the required documents will remain unchanged.

However, such users must update their National ID details with the concerned payment service provider within six months of returning to Nepal.

The amended directive has also introduced provisions allowing persons with disabilities and helpless citizens who are unable to manage their own affairs to open wallets and conduct transactions based on other necessary documents, even in the absence of a National ID card or National ID number.