Nepal Rastra Bank Declines : Renewal of Nepal Pay Time's License

Nepal Rastra Bank has decided not to renew the Payment Service Provider (PSP) license of Nepal Pay Time Pvt. Ltd. The company, which obtained its license in 2019, has currently ceased its services, and its digital wallet is no longer available on Google Play Store and Apple App Store, according to the central bank. Additionally, the bank stated that the company has shown weaknesses in corporate governance and failed to comply with regulatory directives, leading to the decision not to renew its license.

Nepal Rastra Bank has also urged customers with any pending financial transactions with Nepal Pay Time to contact the company within 30 days. During this period, customers are advised to claim any outstanding balances or complete necessary procedures. This decision highlights the tightening regulations on digital payment service providers in Nepal.