Nepal Telecom has started a new subsidiary company as Nepal Digital Payment Company to provide mobile money service to its users. The company is an output of a joint venture of Nepal Telecom and Rashtriya Banijya Bank (RBB). It has an authorized capital of NRs. 1 billion. Nepal Telecom has already received the Letter of Intent (LoI) to start the company.
Nepal Telecom in association with Banijya Bank bought a letter of intent from Nepal Rastriya Bank a year ago to work jointly. After a year, both the organizations were able to assemble the necessary infrastructure. And now, the joint venture is all set to operate the mobile money service within Poush 2077.
Earlier NTA (Nepal Telecommunication Authority) approved the directives for mobile money. Therefore, Nepal Telecom has a green signal to operate its own mobile money project. Similarly, Ncell was also given permission to operate a similar service by NTA. However, Nepal Telecom has already begun its internal preparations for the operation of this service in the country.
If nothing goes wrong, the Nepal Digital payment Company will start its mobile money service starting Poush 2077. Are you excited?
Mobile Money Service
With this service, Nepal Telecom’s mobile subscriber will be able to use their mobile balance as a wallet. Users can use their phone balance to perform digital transactions, no bank account is required. In contrast to other digital wallets, you don’t need to load the balance to any other wallet as your mobile balance will act as a bank account.
Currently there are about 14 online payment platforms in at service in Nepal. But Nepal Telecom is the first of its kind that allows users to use their mobile balance as a wallet.
This service allows you to make government payments from their home encouraging a cashless economy. We will have a secure payment system while purchasing goods online. We can safely withdraw our money as well. Also, we will also be able to top-up mobile using payment service providers.
Bidders for Nepal Telecom Mobile Money Project
Nepal Digital Company has announced a global tender to purchase hardware and software required for mobile money service. Six different companies have participated in the tender. The outcome of the tender will be announced after 10 days. Likewise, the selected company will sign a contract to complete the project within 3 months.
Here are the list of company along with their bidding amount.
|Name Of Participating Companies for the Mobile Money bid||Country||Bidding Amount|
Nepal Rastra Bank has given a six month time period to Nepal Telecom to develop the necessary infrastructure for the company. It should meet its deadline by the end of Poush 2077. Thus, Nepal Telecom is all set to meet the deadline from Nepal Rastra Bank.
To conclude, the Mobile Money Service is one of its kind. As it will be very easy to use. You only require a registered SIM from NTC to perform the transition. We know, Nepal Telecom is one of the biggest companies with millions of users. Thus, when added mobile money service it will gain more attention. If this project succeeds Nepal will move toward a cashless economy at an accelerated speed.
Are you excited to use this service? Will the project be completed within the deadline? What are your thoughts? Let us know in the comment section.