Namaste Pay has joined the network of National Payment Switch. This allows the evolving mobile wallet to further its services for its customers. Meanwhile, this partnership also makes it the first mobile wallet to join the Switch network.
The partnership was formalized at a signing ceremony on February 27th. The CEO Krishna Prasad Bhandari of Nepal Digital Payments Company, the parent company of Namaste Pay, and the CEO Nileshman Singh Pradhan of NCHL signed the agreement papers.
Following this agreement, Namaste Pay will now join the network of National Payment Switch. This allows the government-backed wallet to offer services in phases. In the first phase, Namaste Pay will be able to offer, under Retail Payment Switch, Nepal QR standard-based Nepal Pay QR, Internetwork QR, Direct Devit Request to Pay, and E-Mandate to its customers.
Likewise, for transactions, Namaste Pay will offer interoperability through Biller Gateway and equipment for transactions for PSO settlements. This switch will remain the primary part of Retail payment. This will enable banks and financial institutions to provide services based on real-time, non-real-time, and open API.
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Namaste Pay and National Payment Switch Parternship to encourage more grwoth
Namaste Pay is the digital wallet in terms of paid-up capital which is developed by NDPC. And NDPC is itself the joint venture of Nepal’s largest telecom company Nepal Telecom, and the largest commercial bank from the public sector, Rastriya Banijya Bank.
NDPC has the objective of promoting access to bank and financial services in rural areas and helping create a digital society. To achieve this, the digital wallet will offer credit card bill payment, DTH payment, mobile recharge, and more in the coming days.
The company believes the expansion of services and payment equipment following the partnership with National Payment Switch will encourage its customers.
Till now, National Payment Switch has 38 banks and financial institutions, and 6 payment service providers totaling 44 companies facilitating mobile payment.
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What do you think of Namaste Pay growing its network and features? What features should it bring to quickly rise in prominence? Do share your suggestions in the comments below.