Combining with a digital wallet platform, with a network of more than 200,000 registered users, the new mobile money transfer service enables users to receive money transfer on their mobile phones, or leveraging eSewa’s web interface.
The US payment technology company developed the new functionality in collaboration with its agent Nabil Bank, and FonePay, the owner of eSewa.
During 2011, Nepal received over $4.2bn in migrant remittance inflows, which represents 22% of Nepal’s gross domestic product, while remittance inflows to Nepal grew to more than $4.9bn in 2012, highlights a World Bank study.
Western Union East & South Asia senior vice president Patricia Riingen said that the company will continue to expand its mobile footprint as part of its multi-product, multi-channel strategy.
"We are very pleased to launch mobile services to Nepal, and we remain committed to building our mobile network in strategic markets around the world," Riingen added.
FonePay CEO Asgar Ali commented, "As the demand for mobile solutions continues to grow, enabling international mobile remittances will help address evolving customer needs in a timely, efficient and proactive manner."
WU completed 231 million consumer-to-consumer transactions globally in 2012, moving $79bn of principal between consumers, and 432 million business payments.
