eSewa will soon launch a digital lending service that can be transacted on Sapti Digital wallet eSewa recently completed 15 years. This article discusses the progress made by ESeva in the last year, what is currently being done, and what is planned for the future:
In the past year, eSewa focused on customer-centric innovation and service diversification. In customer-centric innovation, projects were underway to make the service user-friendly and to make the app experience user-friendly. For which the system has been further updated and upgraded.
Customer expectations and service efforts
Increasing the number of customers is also an opportunity for e-service. Earlier, the service reached a limited area, but now it has reached even the villages. At the end of the last financial year, a user in Okhaldhunga called after having a problem with his e-service.
Therefore, increasing the number of customers is an opportunity as well as a challenge. As customers increase, their expectations also increase. We must strive to fulfill that.
In the future, instead of providing more services, eSeva will focus on how to make the user’s daily life easier with the existing services.
Data protection
Esewa is following all protocols according to international standards for data privacy and security. The company is certified by ISO 27001-2013.
Currently, all the data stored and transcribed is based on PCI DSS. Eseva is soon becoming a PCI DSS-certified company as well.
What is the possibility of merger?
Esewa is positive about the digital wallet merger policy introduced by the central bank. At present, users are getting digital wallet services from 27 PSPs, 10 PSOs, and banking apps in the market.
The central bank has introduced a policy that since there are 27 digital wallets in the market, they can merge. But Isewa has not thought about the merger yet.
Wallet-to-wallet transactions
It seems that eSewa does not want the interconnection between wallets. But it’s not that he doesn’t want to. The National Bank has put in guidelines about the interconnection between wallets. But it is not clear how it will happen.
When that happens, all PSPs are at home to conduct transactions between wallets. Today, e-service money can be sent to the bank, and money from the bank to other wallets can be transacted from wallet to wallet. Interdependence does the job of normalizing it. Let’s hope, the breakthrough of interconnection will happen soon.
Bank link on eSewa
The amount deposited in eSewa comes through the bank itself. There are no other options. Now the National Bank is thinking about making a link between the wallet and the bank.
Actually, eSewa is going to replace your wallet/pocket rather than your bank account. If there is more money in the wallet, it is deposited in the bank. The National Bank is working to link the digital version of the wallet to the bank. From the feature point of view, the work being done by the National Bank is good.
Generally, the price of international tickets is higher. Which is also being sold by Esewa. Due to the high bill, users cannot pay directly from e-service. But they can pay from the linked bank.
The challenge of cryptocurrency/betting
Esewa has a ‘Send Money’ feature that makes it easy to send money. By misusing it, users are using it for betting and cryptocurrency. Such a feature is not brought by eSewa or other wallets to promote such activities which are considered illegal.
Esewa is introducing new services to prevent activities such as transactions of money used in illegal activities or online fraud from its platform. Like; the ‘Escrow’ feature. If you want to send money to an unknown person, you can use the ‘escrow’ feature.
KYC Verification
ESeva has introduced a new feature in KYC to stop the trend of opening an account using someone else’s name. Which is to improve the process of verifying the customer’s KYC directly.
For this, the customer must take a selfie rather than a photo during KYC verification. When the user takes a selfie for KYC verification, there is also a check whether the selfie was taken by himself or not.
Preparation of a digital lending facility
Esewa is preparing to bring digital lending, i.e., a feature that can be exchanged in the market, within the guidelines or procedures of the National Bank. This does not mean that eSewa itself gives loans. There should be a partner bank, which can give loans. Currently, ESeva is collaborating with Nawil Bank for ‘settlement’. Any bank can be used for this feature.
When bringing digital lending, the biggest challenge is customer identification. For this, eSeva will give priority to the digital footprint. How much money can be given to whom will be determined based on the user’s digital footprint? ESEWA is doing homework for this.
Interest on the wallet
All the money in eSeva is in the settlement bank. Now it is mentioned in the directory that you will be able to give interest equal to ‘call account’. The idea is that the amount that needs to be operated in the “operating account” is separated and the interest is earned after keeping the amount in the “call account”.
However, platforms like eSeva are not made for interest days. Otherwise, there will be competition between the wallet and the bank. It is the bank’s responsibility to pay interest. Users can deposit money in the bank if they want interest.
Reward points
However, users are still getting ‘reward points’. As many reward points as you get, 10 percent of it can be converted into money. This can be done by going to the physical offices of eSeva.
It will bring a platform to systematically ‘redeem’ the reward points earned by users. Apart from this, users are getting various awards based on the use of e-services.
Option to delete account
By repeatedly creating and deleting accounts, the user’s digital history is not managed. That’s why the deletion of the eSewa account has been strictly enforced.
We want the digital wallet to be treated the same way as the user treats the bank account. For that, we will close the account that has been inactive for a long time. If there is sufficient evidence to delete the account, it can be done.
Actually, it is our dream that the service should be used for the purpose for which it was made. Let’s make it personalized. Esewa does not want to make it difficult for the customer. But there is no thought of making the option to delete easy.
Esewa has updated similar feature planning but in the future, it needs to be updated and the things that customers like should be done and according to the customer’s request, he should improve. If you don’t improve, customers will If bring good features and fulfill the customer’s wishes and everything according to what they like.
Now these services are not what they used to be, now eSewa has become more data secure and secure in many things. He has also raised the issue of people’s complaints and other things and how to keep it secret.