The much awaited mobile wallet ‘Namaste Pay’ will be launched from Tuesday. Namaste Pay, operated by Nepal Digital Payment Company in joint investment of Nepal Telecom and Nepal Commercial Bank, is going to be released today after a long wait.
Earlier, its internal test started on 22nd. During the trial period, the app was used between the staff of Nepal Telecom and the staff of Commercial Bank.
For the first time in Nepal, Namaste Pay is going to bring the facility of transferring without internet for the customers.
Namaste Pay users can transfer money by using Unstructured Supplementary Service Data (USSD) i.e. code numbers provided by the company even if the Internet is not available.
This means that now when we give a data pack of Nepal Telecom, we dial *1415#, similarly when we send money from Namaste Pay, we can send it using the same code.
Namaste Pay will be the first company that can send funds through USSD technology without internet in mobile wallets operating in Nepal.
It is believed that this facility will be very useful for consumers who do not have internet facilities or do not have internet access in rural areas.
Commercial bank branches are also located in remote parts of the country. Likewise, Nepal Telecom’s customers have also spread to the remote areas of the country. There is no internet facility in such places. There is no quality internet facility to run the app in the places. The company believes that it will be very useful to send money through USSD in such places as well.
Another feature of this app is ‘wallet to wallet fund transfer’. Besides, it also has the facility of micro credit.
You can also send from Namaste Pay to the bank and from the bank to the wallet. There is no need to load money into the app from the bank linked in this app. You can also transfer money directly from banks connected to this app.
Although there is intense competition in the market, the company believes that it will progress quickly as it is a government organization with two old and large customers. Nepal Telecom has about 1.5 million customers while Commercial Bank has 3.5 million customers. They estimate that about 1 million of these customers may be duplicate customers.
It is estimated that this company can attract the customers of the old generation. Customers who have accounts in commercial banks mostly come from the older generation.
The paid up capital of Nepal Digital Payments is 400 million rupees. Nepal Telecom has 61 percent and National Commercial Bank has 39 percent investment in this company. ‘Namaste Pay’ was approved by Rashtra Bank on March 3.
In terms of paid-up capital, Namaste Pay is the largest among the 28 payment service providers approved by Nepal Rastra Bank.