Banking News – In a landmark move for Nepal’s fintech landscape, leading digital wallets IME Pay and Khalti have signed a Memorandum of Understanding (MoU) to merge, marking the country’s first-ever merger in the digital wallet sector.

This merger is particularly noteworthy as both platforms are backed by prominent competitors in Nepal’s internet service provider (ISP) industry. IME Pay is supported by IME Group, the owner of DishHome, while WorldLink Communications holds a 40% stake in Khalti since 2021.

As of July 2024, WorldLink leads Nepal’s ISP market with a 32.61% share, serving 918,733 subscribers, whereas DishHome holds an 11.35% share with 319,696 subscribers.

The collaboration between these rival-backed platforms aims to enhance digital payment services in Nepal, potentially leading to a more integrated and user-friendly experience for consumers. The newly formed entity is considering names such as “IME Khalti” or “Khalti Pay” for its brand identity.

This strategic alliance reflects the dynamic and rapidly evolving nature of Nepal’s digital economy, highlighting the increasing convergence between telecommunications and financial services.