Nepal Digital Payment Company has prepared the necessary infrastructure and machinery for the operation of mobile payment services. It is a subsidiary of Nepal Telecom. The company is a joint venture between Rastriya Banijya Bank and Telecom. The company has submitted an application to Rashtra Bank on Sunday for commencement of service.
Bhuvan Kandel, executive director of the payment system department of NRB, also informed that the company has received a timely application for payment services. NRB had given a preliminary agreement to the company to operate a mobile money service six months ago.
Now, the NRB will monitor the company registration, office, employees, software, network, and other necessary arrangements within 30 days. NRB has stated that the license for mobile payment service will be issued within the next month if it is found appropriate during the investigation.
On that basis, the digital payment company will start the service soon. If all goes according to the plan the mobile number of the telecom can be used as a digital wallet. From which various goods and services can be easily paid.
The amount for mobile payment will be kept in a different account than in the form of recharge balance. This option has been put forward to make mobile money cheaper as recharge will be taxed including telecommunication service fee.
Rastriya Banijya Bank will remain as a settlement bank for payment services. Even now, various companies are operating digital payment services in the name of mobile money, mobile banking and wallet.
Lastly, the mobile money service launched by the two government agencies is believed to boost public confidence in digital payments.
Are you excited to use this service? Will you switch from the existing mobile money services and wallets to Digital Payment company wallet? Let us know in the comment section.