Issuing a press statement, the bank informed that the groundbreaking payment solution, which allows customers to make secure contactless transactions by simply tapping a wearable device at any POS terminal, was unveiled marking a new era for digital payments in Nepal.
In a launch event, the bank highlighted how NIMB Paywear is designed to bring speed, convenience, and security to daily transactions, offering customers an alternative to carrying physical cards or mobile wallets.
“NIMB Paywear is a game-changer for the Nepalese market,” said Mahesh Sharma Dhakal, Senior Deputy CEO of NIMB, during the event. “This product will transform how our customers make payments, offering them unparalleled convenience and speed while ensuring the highest levels of security. We are excited to be the first Bank in Nepal to introduce this technology, once again positioning NIMB as a leader in digital innovation.”
According to the statement, NIMB Paywear allows users to attach the wearable sticker to any personal item, such as watches, keychains, or phone cases, making it highly versatile and convenient. Users can pay by tapping the device at any contactless POS terminal, perfect for quick and secure everyday transactions. The contactless payments above NPR 5,000 will require a PIN, adding an extra layer of security for high-value transactions in compliance with Nepal Rastra Bank (NRB) regulations,.
Customers who apply for and activate their NIMB Paywear stickers within the first three months will have their wearable fee of NPR 1,000 refunded upon completing 12 POS transactions within that period.
“The introduction of NIMB Paywear represents a strategic move for the bank to attract tech-savvy customers and expand its product offerings. By adopting this modern payment solution, NIMB aims to differentiate itself from its competitors and solidify its standing as an industry leader in Nepal’s banking sector,” reads the statement.
