On Baishakh 19, 2078, Nepal Telecom began a preliminary test of its digital payment service, Namaste Pay. On the occasion of the 4th National ICT Day, Prime Minister KP Sharma Oli announced the start of virtual testing of the app.
Namaste Pay is a mobile money service launched by Nepal Telecom and Rastriya Banijya Bank (RBB), which has a Rs. 1 billion approved capital. This government-run digital payment app is on the verge of becoming the first mobile wallet to cross Rs. 400 million in paid-up capital.
Mr. Parbat Gurung, Minister of Communications and Information Technology (MCIT), said that they had planned to launch the app on the same day, but that the schedule had to be modified due to technical issues.
Namaste Pay is expected to start on May 17, 2021, World Telecommunication and Information Society Day, according to some reports (aka ITU day).
Namaste Pay is a mobile wallet that works both online and offline.
Namaste Pay is the first offline mobile wallet as well as the first government-run payment service provider (PSP). It means that in order to make digital purchases, the user does not need to be connected to the internet.
Users could only make purchases via online digital payment channels up to now. Smartphones and an internet connection were needed. Namaste Pay allows NT users with feature phones to conduct offline transactions at any time and in any place.
The mobile number will be used as a digital wallet by the payment system. The smartphone balance can be used to pay bills such as power and water bills, among other things.
The mobile money service fund, on the other hand, will be held in a separate account from the recharge balance. This feature allows you to avoid paying the taxes that are included in the service fees. This choice makes mobile money services more affordable and convenient.
The business is planning to use the USSD channel for this reason. Users can then make offline transactions by typing the USSD code. This choice is also much more stable than SMS.
A wallet will be available for online users. Rashtriya Banijya Bank will serve as a payment settlement bank. According to the details, Namastepay accepts payments from all Nepalese mobile numbers, both online and offline.
The company has the highest paid-up capital of Rs. 400 million.
In terms of paid-up stock, the Nepal Digital Payment Company is currently the highest. Namaste Pay has the highest paid-up capital of the 27 PSPs authorised by Nepal Rastra Bank (NRB) in March.
Digital payment companies must have a paid-up capital of at least Rs. 10 million, according to the Nepal Telecommunications Authority (NTA). Namaste Pay has a paid-up capital of Rs. 400 million, according to information released by Nepal Rastra Bank.
IME Pay and Prabhu Pay are the firms with the highest paid-up capital after Namaste Pay. The company has a paid-up capital of Rs 100 million. eSewa, on the other hand, has a paid-up capital of Rs. 50 million.
How happy are you to use Namaste Pay, which has been a long time coming? Let us know what you think in the comments section below.