What Happens to Customers’ Money After Prabhu Pay’s License Revocation?

Kathmandu: Customers of Prabhu Pay, the mobile wallet operated by Prabhu Technology Pvt. Ltd., will get their money back after the Nepal Rastra Bank (NRB) decided not to renew Prabhu Pay’s payment service provider license on October 10.

NRB has instructed customers who have pending transactions with Prabhu Pay to contact the company within 30 days from October 10. However, many users have expressed confusion about how to retrieve the money remaining in their wallets.

According to NRB, the settlement bank designated for Prabhu Pay will handle the refund process. As per NRB rules, all licensed payment service providers must maintain a separate settlement account in an ‘A’ class commercial bank to finalize customers’ e-money transactions. It is understood that Prabhu Pay’s settlement bank is Prabhu Bank.

NRB spokesperson and Executive Director Kiran Pandit said that Prabhu Pay’s settlement bank has already been instructed to return the wallet balance to customers.

“As far as we can see, the number of Prabhu Pay users has been continuously declining. The money loaded in users’ wallets will be refunded. We have already written to Prabhu Pay’s settlement bank. Institutional transactions will be handled according to the law. We’ve prepared a refund modality and asked users to contact the concerned body. Rest assured, the money will be returned,” Pandit told TechPana.

Prabhu Technology Pvt. Ltd., affiliated with Prabhu Bank, had obtained its mobile wallet license from NRB on February 11, 2076. The company launched Prabhu Pay soon after. However, NRB decided not to renew its license after the company failed to meet regulatory requirements, effectively placing Prabhu Pay at the stage of license cancellation.

The Prabhu Pay app has been downloaded around 700,000 times on Android and iOS platforms, though the number of active users has been steadily declining in recent months.

 

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