Sourced from: NepaliTelecom.com.
Ncell’s mobile money service will be available soon. The private telco has obtained a Payment Service Operator license and will offer mobile money services through a subsidiary firm.
Previously, the state-owned Nepal Telecom was granted a license to run a digital transactions service. It has now been revealed that Ncell Axiata has also been granted authorization to launch its own mobile money payment service.
On May 28th, the government presented its economic survey report 2077/78 addressing Information and Communication. It was revealed that, in addition to Nepal Telecom, Ncell has been granted permission to run its mobile money business. Here is a summary of the points raised in the FY 2077/78 economic survey report.
According to the study, Ncell obtained the license for mobile financial services (MFS) and mobile transactions this fiscal year as a result of agreements between Nepal Rastra Bank and Nepal Telecommunications Authority.
Ncell will now be required to establish a subsidiary firm and develop the mobile money platform. Ncell may offer the same taste as NTC, which has both online and offline transactions.
Two Wallet System!
It is probable that the corporation may launch two wallet systems: one for offline transactions using balance and another for a full digital wallet solution.
Nepal Telecom formed a joint venture with Rastriya Banijya Bank to form Nepal Digital Payment Company. Namaste Pay has already been soft-launched as part of the collaboration. Meanwhile, Ncell hasn’t shared anything about its progress.
The investigation also disclosed that five commercial banks are part of a system to regulate electronic transactions in both the private and public sectors. For this project, the government is establishing a national payment gateway server.
For the time being, the government is incorporating the Financial Comptroller General Office’s electronic fund transfer API to expedite the plan.
Are you excited about Ncell’s foray into mobile money? What services do you anticipate from Ncell’s equivalent? Tell us what you think in the comments section below.