Machhapuchchhre Bank has launched Nepal’s first-ever offline “Tap and Pay” service for its customers. Compliant with the EMV standard, the “tokenized” payment system allows contactless offline payment for the bank’s mobile banking app users.
Tokenized payment is considered highly secure and reliable in digital payment. As the name suggests, in this payment mode, a customer’s personal sensitive data is replaced by a system-generated code using an algorithm. As the user data is substituted, they remain secure and protected.
With the launch of the Tap and Pay service, MBL users can make offline payments with a tap on the MBL M-Smart app (Machhapuchchhre Bank’s mobile banking app) while paying through POS machines.
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Who can use Machhapuchhre Bank’s “Tap and Pay” offline payment feature?
The service is available at POS machines employed by select merchants. However, the Tap and Pay feature is available on smartphones with NFC connectivity. The bank says that customers can make payments using this method without any cost.
The bank launched this service in joint collaboration with F1 Soft International, Nepal Clearing House, and Citytech.
MBL says that it will widen the use cases of Tokenization in its other products and services in the near future.
Machhapuchchhre Bank is one of Nepal’s leading private commercial banks. Currently, the Class A bank has primarily focused on digital banking services launching various new innovative products such as a voice box service for QR payment sound alerts.
The bank says that the Tap and Pay service is launched to promote digital banking to every possible customer around the country.