Machhapuchchhre Bank has launched Nepalโs first-ever offline โTap and Payโ service for its customers. Compliant with the EMV standard, the โtokenizedโ payment system allows contactless offline payment for the bankโs mobile banking app users.
Tokenized payment is considered highly secure and reliable in digital payment. As the name suggests, in this payment mode, a customerโs 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 Bankโs mobile banking app) while paying through POS machines.
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Who can use Machhapuchhre Bankโs โTap and Payโ 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 Nepalโs 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.