The world’s leading online payment transaction company Paypal’s Xoom starts money transfer service in Nepal. Digital payment solution is still a big issue in Nepal as there is no way to use international credit cards, Master cards and verify PayPal account. Remittance is a very big source of income of country because many families depend on people working abroad. Now on people will be able to send money fast and securely from USA to Nepal instantly using Xoom.
Previously only offline companies were the options for sending and receiving money. Xoom is working with selected banks to receive and send money. Nepal Investment Bank, Prabhu Money Transfer, Nabil Bank, Himalayan Bank, Everest Bank and Nepal SBI bank are in this program. Not only sending money from America is now easy but secure. Users will also be able to recharge and pay bills of phone which include NTC, Ncell and UTL.
Xoom stated that they plan on doing more as Nepal stays at high rank in their future strategy. Remittance has a huge importance in GDP of Nepal. The COO of the company stated that they were satisfied with their performance in India and they have now come to Nepal and few other South Asian countries.
Many young people of South Asian countries study, work in America, Europe and in Gulf counties. Majority of remittance comes through gulf countries and with increasing charm of DV and higher education, many people are working in USA and European countries. This kind of service is very helpful for easy and hassle free transaction. We believe Nepal may soon get a way to verify PayPal accounts using Nepali Banks as well.
Xoom has worked in this field for about 15 years and is highly trsuted. Banks of Nepal are also happy for getting the opportunity to work with such big company. Many other bill payment may soon be introduced as well. As people in US can directly pay bills for their family and home, this will give them better control of economy and expenditure. It will also reduce work and some errands by reducing trips to office for paying bills.
The price of one transaction for mobile bill payment for recharge of Rs 500- 1000 is 99 cents which is about Rs 100 in Nepal. No fees will be charged if the transaction is higher than $1000 but the payment should be done through US Bank account