Namaste Pay, Nepal Telecom’s digital payment service, has finally been revealed. The official launch of the mobile wallet app will take place today in the capital (14, September 2021). This app was supposed to be released on Jestha and then on National ICT Day. However, due to a lack of preparation, the launch was postponed. According to the rule, payment services must be integrated and rigorously tested by multiple banks and services before they can be officially opened to the public.
Meanwhile, they had already begun a preliminary test among their employees. There was only an online digital payment platform for transactions up until now. Namaste Pay facilitates NT users with feature phones to make offline cash transactions whenever and wherever they want.
Namaste Pay is a mobile money service developed by Nepal Telecom in collaboration with Rashtriya Banijya Bank (RBB), a bank with an authorized capital of Rs. 1 billion. This is the first offline mobile wallet and the first government-run payment service provider (PSP) with Rs. 400 million in paid-up capital. Let’s take a closer look at the Namaste Pay mobile wallet.
How the Namaste Pay act as both Online and Offline mobile wallet?
The majority of digital payment platforms required internet access to conduct transactions. Namaste Pay will not only become the first government-run payment service provider (PSP) but also, the first online wallet after its launch. It means that users can now conduct offline transactions at their leisure.
The digital wallet will use the mobile number for the payment system. This means that two accounts will be created, one for mobile balance and the other for Namaste pay wallet. You can avoid paying the taxes that are included in the service fees by using this feature. This option makes mobile money services more affordable and convenient. However, due to regulations and restrictions, features such as electricity and water bill payments will be released later.
The company also uses the USSD channel for payment, which has a fairly quick response time. Users can then use the USSD code to make offline transactions. This option is also far more secure than SMS. It will also make it easier for non-smartphone users and those who are digitally illiterate to make payments. A mobile wallet app will be available for online users. Rashtriya Banijya Bank will serve as a cash management bank. According to the information, Namastepay accepts payments from all Nepalese mobile numbers, both online and offline.
Take a look at Namaste Pay Features
For the earlier phase, Namaste Pay has limited its functions. Yet they will come up with more added features in no time.
For now, the user can enjoy the following features:
- Android application for Mobile wallet which will be available in the Play store soon.
- USSD code for Offline payment(*500#)
- Bill payment and Mobile recharge
- Internet service payment
- Electricity and Water bill payment
- Namaste Pay has 8 banks integrated to load balances.
The Highest Paid-in Capital
In terms of paid-up capital, the Nepal Digital Payment Company is the biggest. Namaste Pay has the highest paid-up capital among the 27 PSPs approved by Nepal Rastra Bank (NRB).
The digital payment companies must have a paid-up capital of at least Rs. 10 million, consistent with the Nepal Telecommunications Authority (NTA). Namaste Pay’s paid-up capital is Rs. 400 million, according to information provided by Nepal Rastra Bank.
IME Pay and Prabhu Pay, have the highest paid-up capital Rs 100 million is their paid-up capital. Meanwhile, eSewa has Rs. 50 million paid-up capital.
With every household having at least one NT user, Namaste Pay will undoubtedly find a home on the user’s phone. People won’t be able to say no to it if NT keeps its word and provides users with 24/7 transaction support. Don’t forget to let us know how thrilled you are to use the much-anticipated phone wallet in the comments.