A new payment service provider (PSP) coming to the market ‘Namaste Pay’ will be operational within two weeks. Namaste Pay, which is in the final stages of service operation, is being prepared to start by the end of May.
Namaste Pay is coming into operation as a joint venture of Nepal Telecom and National Commercial Bank.
Dilli Adhikari, Managing Director of Nepal Telecom, said that despite the delays due to corona infection, the final preparations for operation are now underway.
‘Now we have accelerated the work. Interconnection agreements are being made,’ said the official, ‘probably we will bring the service into operation by the end of May.’
He said that due to corona infection, the import of equipment has been delayed.
Due to lack of cargo planes and non-regular flights, goods have not been able to arrive on time. There was an additional problem when the people of the supplier company were infected with corona while bringing the goods and connecting them and running the system.
He said that although there is a challenge of competition in the market, Namaste Pay will soon be established in the market as there is a need for a trustworthy partner in the market.
‘It depends on what kind of company you come to trust,’ the official said, ‘Nepal Telecom and Commercial Bank are both government companies, so trust is earned.’
Currently, less than 10 percent of the country’s total payments are in digital transactions. He said that it should be expanded and digital payment companies should work for that.
Also, since we have brought international level solutions to it, we will soon become the market leader in digital payment companies,’ he said, ‘It is expected that it will help in creating a cashless society.’
He says that even now our society is such that cash is considered as money and checks are not considered as money, so more work needs to be done in this regard.
The authorized capital and paid-up capital of the company is the highest. With the help of the company, the ‘giant’ company has been backed up, so it is easy to operate and will quickly win the trust of consumers, the official said.
According to the details issued by Nepal Rastra Bank, the paid-up capital of Nepal Digital Payments is 400 million rupees. On 3rd Chait, ‘Namaste Pay’ was approved by Rashtra Bank.
Namaste Pay is the largest among the 28 payment service providers approved by Nepal Rastra Bank based on paid-up capital.
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