Khalti and IME Pay, two major digital wallets in Nepal, are set to merge. On Sunday, the two companies signed a written agreement regarding the merger.
Following the merger, customers will be able to access all of Khalti’s and IME Pay’s services through a single app. After the merger, the merged wallet will be named “OME Khalti”.
Nepal Rastra Bank, the regulatory authority, had amended the Payment and Settlement Bylaw, 2077, allowing digital wallets to merge. The revised bylaw mentions that institutions licensed to perform payment-related activities can merge or acquire each other.
After the integration of Khalti and IME Pay, the new entity is expected to become the largest digital wallet in Nepal based on the number of users.
IME Pay, backed by the IME Group, was the first company to receive a payment service provider license from Nepal Rastra Bank. Similarly, Khalti is backed by investors including internet service provider WorldLink and Sparrow SMS founders Amit Agrawal and his three partners. Currently, Khalti has a paid-up capital of 50 million NPR, while IME Pay has a paid-up capital of 300 million NPR.
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