22 March 2021, Kathmandu
Nepal Rastra Bank (NRB) has finally given approval to Nepal Telecom to operate its Mobile Money from its subsidiary company Nepal Digital Payments Company Limited.
Nepal Digital Payment Company is a joint venture with Nepal Telecom (NT) and Rastriya Banijya Bank (RBB). Nepal Telecom can now formally start its own mobile money service, which may start within a month.
With the start Mobile Money service, customers can easily buy goods and products without the hassle of taking cash in the pocket. Most of the services in Nepal now have cashless services.
The company applied to the NRB for a license in January 2021. The NRB finally approved the NT request application after evaluating the company’s overall system.
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Mobile Money Service is just like another digital wallet service. The other digital wallet uses the back account. Instead of a bank account, it uses the balance of our NTC SIMs as the source in the wallet.
Costumer can not only use their balance to make calls or send messages or for data. But now they can even pay for the goods they purchase. This type of service launched for the first time in Nepal.
This mobile money service also enables USSD based payment. Unstructured Supplementary Service Data (USSD) code is a function where we check mobile balance or subscribe data packages, etc in the *…# format from your phone. You can even use this service for offline payment using SMS service.
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