Thunes has announced a partnership with e-Sewa – Nepal’s leading payment service provider – to enable remittances to Nepal from Thunes’ extensive network of over 100 countries, thus adding a new payment corridor into a previously hard-to-reach market. Thunes’ single API integration simplifies the transaction process to provide a fast, transparent service that’s easy to track and with no hidden charges.
Why Nepal Needs Fast and Seamless Remittances
The World Bank estimates US$8.25 billion in personal remittances were received in Nepal in 2019, representing more than a quarter of the nation’s total GDP. Nepal receives the majority of its remittances from the Gulf states, with significant inflows also from Japan, Korea, Australia and the United States. And with migrant workers and overseas students unable to return home during the Covid-19 pandemic, international remittances are even more vital.
The World Bank predicted the economic downturn caused by the pandemic would sharply shrink global remittances. But that hasn’t happened. In fact, data shows that they have held steady and in some cases, even risen. Remittance inflows increased 8.6% year-on-year to Rs.642.14 billion in the eight-month period ending mid-March 2021, according to figures from Nepal Rastra Bank (NRB), the Central Bank of Nepal. In US dollar terms, remittance inflows increased 5% to US $5.45 billion in the same period.
With mobile penetration exceeding 100% and among the highest in South Asia, Nepal has been quick to embrace mobile banking and mobile wallets. Meanwhile, the COVID-19 crisis has accelerated the population’s shift to digital; Nepal’s recent Monetary Policy has prioritised electronic payment systems to decrease cash transactions and emphasised the digital economy in the face of the pandemic.
So, when it comes to getting remittances from family members and loved ones overseas – a lifeline for hundreds of thousands of Nepalis – mobile wallets now offer the most convenient method for recipients in Nepal. However, customers also need flexibility for making transactions using other methods, with strong demand for remittances using bank transfers or cash pick-up services.
Streamlining International Remittances
By partnering with Thunes, e-Sewa is now the only remittance company in Nepal that offers remittances directly and securely into mobile wallets from around the world, delivering a fast, convenient, and affordable payment experience to its customers.
Thunes is also making it easier for Nepalese customers across the globe to make fast and reliable bank account transfers to Nepal through its extensive network of bank partners. Money can now get credited to a beneficiary’s bank account from overseas in only 3 to 5 minutes.
Alternatively, families of Nepalese migrant workers can collect money from nearly 40,000 cash pick-up locations across the country, with Thunes processing CPU transactions via its five partners: e-Sewa remit, City Express, Everest Bank, GME Remittance and Sunrise Bank.
This new partnership with e-Sewa reinforces Thunes’ mission to make digital money transfer services more accessible, especially in emerging markets, and proactively drive the cashless society forward.
Look out for further moves to help bring digitalisation to the entire payments ecosystem in Nepal and create solutions for evolving trends, coming soon.