6th August 2020, Kathmandu
Great news! Nepal Telecom is about to start its own mobile wallet. It has started the process for a service called Mobile Finance Service (MFS). A letter of intent[LOI] has been received from Nepal Rastra Bank for this.
To carry out the process full-fledged, Telecom has set up a separate subsidiary company called Nepal Digital Payment Company. The company has already received a PSP[Payment Service provider] license from Nepal Rastra Bank.
Rastriya Banijya Bank has also partially invested in the subsidiary. Meanwhile, the company has already called for proposals for the purchase of the system.
According to the Deputy Chief Executive Officer of the company, Nirmal Shrestha, they are coming to the market to manage the government payments.
He also said that they have a plan to expand the service. According to him, the company has an authorized capital of Rs. 1 billion. But, currently, the issued capital is only Rs. 400 million.
After completing all the infrastructural arrangements and getting final approval from the Rastra Bank, it will start the work of payment service in the market.
Currently, 14 digital payment service providers such as IME Pay, Esewa, Cell pay, Khalti, Prabhupay are operating in the Nepali market.
Is the mobile wallet a good step from Nepal Telecom?
Of course, it is! If this endeavor becomes successful, the government service takers will be hugely benefited by this. They won’t have to endure the long hours in the queues for making the payments. We are sure that the complaints of long hours and tedious government work are going to become lesser in the future. This is a great initiative! We can’t wait for the service to start!
Are you happy with this news? Let us know in the comment section.