Namaste Pay and Kamana Sewa Development Bank have collaborated to provide online payment options. Now, the bank’s customers can load money from their mobile banking app into Namaste Pay and pay online for various services.
Both the companies signed on the Memorandum of Understanding (MoE) at an event yesterday on January 9th. The CEOs of both the companies Krishna Prasad Adhikari, and Prabin Basnet of Namaste Pay, and Kamana Sewa Development Bank signed the agreement papers.
With the partnership, the bank’s customers can load the money into their Namaste Pay account directly and pay online. The service they can pay for include utility bills, mobile top-up, insurance premiums, including many others.
Namaste Pay is a fresh digital wallet PSP owned jointly by NTC and Nepal Rastra Bank. The collaboration of the two leading separate government entities has raised its stakes from the beginning. The wallet co-run by a telecom carrier uniquely offers payment from offline too which has made it hugely popular.
Namaste Pay Works Both Online and Offline
You can download Namaste Pay via Play Store on your smartphone. But the e-wallet is also available on feature phones. To register the service on your non-smartphone, you can simply dial *500# and proceed to make use of available payment services.
Namaste Pay recognizes the users by their mobile numbers. This spares you from having to remember a long sequence of bank accounts. The app is one of the hallmarks of the government’s Digital Nepal Framework and will cater its services to both digitally sound and less familiar populations with offline payment.
The service aims at achieving ruthless digital inclusivity across a large area by making it accessible to those with and without a bank account. Namaste Pay is the country’s most financially sound PSP with the largest ever paid-up capital of Rs.400 million for a mobile payment vendor.
The ambitious digital wallet had its first Beta launch on Bhadra 29, and later a relaunch with more features on Ashoj 13. Now the government-owned Payment Service Provider is focused on widening its services for the app users.
The digital market is already saturated in Nepal with private companies ruling over a majority of smartphones already. In it, how far Namaste Pay is prospective in your opinion? Do share what you feel about it in the comments below.