Electronic Payment System analyzes the awareness, preparedness, and requirements of using information and communication technology in all payments- procurement of goods & services, government tax, utilities, cross-border, remittance etc. The objectives of the study on e-payment in Nepal are to (a) look into the present legal framework for financial transactions to be carried out online, (b) build consensus among the stakeholders for IT-based payment systems, (c) develop an e-payment policy strategy for the growth of e-Governance and e-Commerce, and (d) build a core team of professionals from among the stakeholders to bring awareness and lobby for the implementation of e-Payment system in the country.
This study was conducted by the IT Professional Forum from September 2007 to April 2008. We are very much pleased that the study has successfully delivered its objectives in time while remaining within its budget. A team of experts from different fields of study was formed. The project team initiated the study by investigating the previous studies in this area and collaborating with the stakeholders to form a strong team of professionals and also study materials of few countries. Very early in the exercise, the project team conducted several consultations with planners, policy makers, bureaucrats, business entrepreneurs, trade and professional associations, financial experts, service providers, and small enterprises. Their level of awareness, need, constraints, and dedication were analyzed as part of the exercise. A second round of discussions was organized with four groups of like-minded people - Bankers; ICT Service Providers/Entrepreneurs, Legal Professionals, and Civil Servants. The study team under the coordination Mr Rabindra Khanal, Nepal Rastra Bank together with members Mr Prabin K. Chhetri, Nepal Bankers Association, Mr Laxmi Yadav, Ministry of Finance, Mr. Samir Bajrachrya, Smart Choice Technologies P. Ltd., Mr Suresh Kumar Regmi, ITPF, and Mr Rajesh Kumar Shakya, ITPF conducted a friendly visit to Reserve Bank and State bank of India in Bombay and acquired the experience in the e-Payment policies, procedures and practices adopted in India. Finally, a workshop was conducted for the participation of stakeholders as well as people from all walks of life.
The team excellently advocated the principles and benefits of e-Payment in all these programs and the programs were extremely successful in that a very strong participation by civil servants, public & private corporations, banks, financial institutions, private agencies, NGO, professionals and the press was felt. The IT Professional Forum executive committee monitored the progress, provided guidelines and other support to the study on weekly basis. This comprehensive report incorporates the findings and analyses from the study, and includes suggestions received during face-to-face interactions and recommendations of the workshop.