How to Verify a Digital Payment App Is Licensed by NRB

Before you link a bank account or load money into any payment app in Nepal, there's a two-minute check that tells you whether it's actually accountable to anyone. Here's exactly how to run it.

1. PSO vs. PSP: What You're Actually Checking For

Before checking any list, it helps to know exactly what you're looking for, because Nepal Rastra Bank licenses two related but distinct types of entities in this space.

A Payment Service Provider (PSP) is the customer-facing side — the actual wallet or app you download and use directly, such as eSewa, Khalti, or IME Pay. A Payment System Operator (PSO) is the backend infrastructure layer that PSPs and banks plug into to actually move money and process QR payments — companies like Fonepay Payment Service Ltd., Nepal Clearing House Ltd. (NCHL), and international networks like Visa or Mastercard. When you open a wallet app and scan a QR code, you're often looking at a PSP built on top of a PSO's infrastructure at the same time — which is exactly why you might see a "Fonepay" or "NEPALPAY" logo inside an app that's actually branded as something else entirely.

For everyday verification purposes, checking that the app itself is a licensed PSP is what matters most — that's the entity that's directly holding your data and your wallet balance.

2. Step-by-Step: Checking NRB's Official Licensed List

1. Go to Nepal Rastra Bank's Payment Systems Department page at nrb.org.np/psd. This is the official regulator's own page for everything related to licensed payment companies.
2. Find the "Licensed List of Payment System Operator (PSO) and Payment Service Provider (PSP)" document. NRB publishes this as a periodically updated document, generally issued several times a year, so make sure you're opening the most recently dated version available on the page rather than an older cached copy.
3. Open the document and locate the PSP section. The list is organized into two parts — PSOs first, then PSPs — each with the company's registered legal name, head office location, license date, and paid-up capital.
4. Search for the company's registered legal name, not just its app name. Use Ctrl+F (or Cmd+F on Mac) to search the document. If you only search for the brand name you know the app by and don't find it, try the parent company name instead — this step trips up more people than any other, and the next section explains exactly why.
5. Confirm the entry includes a valid license date. A genuine listing will show when the company was licensed, which you can also cross-reference against how long the app has claimed to be operating.
6. If you can't find it under any reasonable name, check NRB's licensed institutions archive too. NRB maintains a running archive of previously published lists, useful if a company was licensed very recently and might not yet appear on the absolute latest snapshot.

3. What to Look for Inside the App Itself

Once you've checked the official list, a few things inside the app itself can serve as a secondary confirmation, though none of these substitute for the official check above.

• A clearly stated registered company name in the app's "About," "Terms of Service," or "Privacy Policy" section — this is the name you should be matching against NRB's list.
• Two toll-free customer service numbers from two different telecom providers. NRB specifically requires licensed PSPs to maintain this redundancy, so a legitimate app should have visible support numbers, generally more than one, from different networks.
• Mandatory KYC verification for meaningful transaction amounts. A licensed app enforcing real KYC checks and transaction limits is behaving the way NRB requires; an app that lets you move large amounts with no identity verification at all is a warning sign, not a convenience.
• A physical, checkable office address rather than only a generic contact form or an address that doesn't correspond to any real, findable location.

4. Red Flags of an Unlicensed or Fraudulent App

• The app makes no mention of Nepal Rastra Bank, a PSP license, or any regulatory status anywhere in its app store listing, website, or in-app legal pages.
• You cannot find the company's name — under any reasonable variation — anywhere on NRB's official licensed list.
• The app allows large transactions or wallet balances with little to no identity verification, in contrast to the KYC requirements licensed PSPs are bound to enforce.
• You're asked to install the app by sideloading an APK file from outside the Google Play Store or Apple App Store, rather than through an official app marketplace.
• Customer support exists only through an informal channel like a personal WhatsApp number, with no toll-free line or verifiable company contact.
• Aggressive promotional offers or referral bonuses that seem disproportionate to how a regulated, cost-conscious financial company would normally operate.

5. Why the Legal Name and the Brand Name Aren't Always the Same

This trips up more people checking NRB's list than anything else, so it's worth explaining directly. The name you know an app by is almost never the exact name that appears on NRB's official licensing document. eSewa, for example, is legally registered as Esewa Ltd. Khalti is legally Khalti Pvt. Ltd. IME Pay sits under IME Digital Solution Ltd. Fonepay's underlying infrastructure company is registered as Fonepay Payment Service Ltd.

This gap between brand name and legal name isn't unusual or suspicious by itself — it's simply how company registration works everywhere. But it does mean that if you search NRB's list only for the exact app name you see on your phone's home screen and don't find an exact match, don't immediately assume the app is unlicensed. Check the app's own "About" or "Terms" section for its registered company name first, then search for that instead.

6. Why This Actually Matters

This isn't a purely theoretical precaution. Nepal Rastra Bank's own published oversight records document real enforcement action taken against payment companies operating in this space, including license dismissals and account freezes for serious compliance failures. That track record cuts both ways: it confirms that things genuinely can go wrong with a payment company, and it confirms that NRB does actively supervise and intervene rather than simply issuing a license once and disappearing.

A company on NRB's licensed list is required to keep customer wallet balances backed by matching funds at a settlement bank, submit to regular reporting and inspection, and follow specific consumer protection directives. None of that applies to a company that isn't on the list — which means an unlicensed app isn't just operating in a technical grey area, it's offering you a financial product with none of the structural protections this article's checklist is designed to help you find.

7. Quick Verification Checklist

• Visited nrb.org.np/psd and opened the most recently dated licensed PSO/PSP list.
• Found the app's registered legal company name in its "About" or "Terms" section, not just its brand name.
• Searched the NRB document for that legal name and confirmed a listing with a valid license date.
• Confirmed the app enforces real KYC verification rather than allowing large, unverified transactions.
• Confirmed the app was downloaded through an official app store rather than a sideloaded file.
• Located visible, verifiable customer support contact details, ideally including a toll-free number.

8. Frequently Asked Questions

Where exactly can I check if a payment app is licensed by NRB?

Nepal Rastra Bank's Payment Systems Department publishes an official, periodically updated list of licensed Payment System Operators and Payment Service Providers directly on its website at nrb.org.np/psd. This is the authoritative source — always check the most recently dated version available.

I can't find the app's exact name on NRB's list. Does that mean it's unlicensed?

Not necessarily. The name on the list is the company's registered legal name, which is often different from the consumer-facing brand name you see on the app. Check the app's "About" or "Terms of Service" section for its registered company name and search for that instead before concluding it isn't licensed.

What's the difference between a PSO and a PSP, and which one should I check for?

A PSP is the customer-facing wallet or app you use directly, while a PSO provides the backend infrastructure that PSPs and banks connect through. For everyday verification, confirming that the app itself is a licensed PSP is what matters most, since that's the entity directly responsible for your wallet balance and data.

Is it illegal to use an app that isn't on NRB's licensed list?

Operating a digital wallet or payment service without NRB approval is illegal for the company running it. Using such an app carries real risk for you as a user too, since none of NRB's fund-safeguarding, reporting, or consumer protection requirements apply to an unlicensed operator.