First Business News Portal in English from Nepal
KATHMANDU: Nepal Telecom (NT) is set for the commercial launch of its digital payment service Namaste Pay from today.
Earlier, NT had successfully carried out initial testing of the service among internal staff. One of the great features of the Digital payment mobile money service is the ability to perform offline transfers, payments that is, without the use of the internet.
Namaste Pay is the mobile money service set up by Nepal Telecom and Rastriya Banijya Bank (RBB) with an authorized capital of Rs 1 billion. This government-run digital payment app has become the mobile wallet with the largest paid-up capital of Rs 400 million.
Namaste Pay is not only the first government-run payment service provider (PSP), but also, the first offline mobile wallet. It means the user need not have an internet connection to make digital payments.
Up until now, there were only online digital payment platforms for the users to make transactions. It required smartphones and an internet connection. With the use of Namaste Pay, NT users with feature phones can also make offline transactions anytime and anyplace.
The payment system will use the mobile number as a digital wallet. The ability to use mobile balance funds to pay bills like electricity bills, water bills, etc, will not come now due to the regulations’ restrictions.
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