A mobile wallet also referred to as a digital wallet is a virtual wallet that enables users to send, receive and store money using their mobile devices. Due to its convenience and accessibility, mobile wallet technology has gained massive popularity in recent years in Nepal. eSewa, Nepal’s first mobile wallet, and digital payment system allow users to make various types of transactions, including money transfer, mobile top-ups, utility bill payments, and many other online payments using mobile phones. In addition to this, eSewa also allows users to pay for goods and services at merchants who accept eSewa as a payment method.
Even in areas where traditional banking is not easily accessible, you can use eSewa to make transactions. In the context of Nepal, many rural areas still don’t have access to banking services making it difficult to make financial transactions. With eSewa, one can easily make a hassle-free transaction using their mobile phone. Likewise, using eSewa as a mobile wallet allows users to make transactions without the need for cash. Thus, it also reduces the risk of theft and fraud by carrying a large amount of cash. Having said that, there are still some challenges that need to be addressed with mobile wallets in Nepal. While making digital transactions, there might be a possibility for fraud and hacking, and the risk of technical problems or system failures.
Have You Been a Victim of Online Scam!!
While eSewa has made digital payment much easier, at the same time there are still some possibilities of getting scammed by making digital transactions. Nowadays, many businesses have switched to online platforms. At the same time, there will also be some people misusing resources by making fake business profiles. According to the reports, most millennials and Gen Z do shopping online and on social media platforms rather than going to a physical store. And while purchasing something online, most of the sellers will ask for payment upfront. Although the business profile from where you are purchasing your goods may look real, there might be a chance that it turns out to be a fake business profile and your prepayment goes down the drain. Thus, there is a high risk of being a victim of an online scam.
eSewa Secured Fund Transfer
Thus, to minimize such risks and protect our users, we have introduced a new feature, Secured Fund Transfer. eSewa’s Secured Fund Transfer is an online escrow service that allows KYC-verified eSewa users to make payments to another KYC-verified eSewa user in the safest way possible. When users make an order for goods or services from an unknown seller, they can voluntarily turn on the feature for Secured Fund Transfer. After the feature is turned on, the transferred amount is held neither in Sender’s Account nor in Receiver’s Account. And once the receiver delivers service or goods without any obligation, the sender will release the amount to the receiver. The receiver can also request the release of their amount, once their obligations are fulfilled.
Moreover, this service will be particularly helpful to both the customers and sellers who are interacting with the unknown entity on the other end. The main objective of this service is to reduce the risks involved in sending money for a payment to an unknown person. In addition to this, it will also secure the buyer’s money against any fraudulent transactions from the sellers. In case of any dispute, while doing the transaction, both the sender and the receiver have access to file a complaint. If the receiver doesn’t deliver the goods or services as promised the sender can raise the complaint. Likewise, if the sender doesn’t release the amount after completing the obligations, the receiver can raise the complaint. Once the complaint is received, eSewa will make a detailed analysis of the dispute and release the amount to the correct party.
Thus, in this way you can transfer your fund most safely. Please check out the T&Cs page to know more about Secured Fund Transfer service in more detail.
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