Nepal Digital Payment Company (Ntc and RBB’s Joint Company) partners NCHL to become a part of digital payment’s eco-system. The collaboration will allow Namaste Pay to use NCHL’s National Payment Switch to expand its payment gateways.
Namaste Pay is a product of Nepal Digital payment company (a joint company of Nepal Telecom and Rastriya Banijya Bank), that has agreed on a collaboration with Nepal Clearing House Ltd to expand the digital payment eco-system in Nepal.
The pact was signed by Mr. Krishna Prasad Bhandari, the CEO of NDPC (Nepal Digital Payment Company), and Mr. Neelesh Man Singh Pradha, The CEO of NCHL.
The partnership will allow NDPC (Nepal Digital Payment Company) to use NCHL’s National Payment Interface (NPI) to help subscribers perform various modes of real-time and non-real-time transactions via IPS and IPS Connect channels.
Integrating NCHL’s interface will give Namaste Pay access to a multitude of major banks and other financial institutions which will facilitate users for transactions and other financial activities within the eco-system. The association will also help the state-backed NDPC stretch its services towards rural areas and improve banking access for the public.
Namaste Pay is the result of Nepal’s largest telecom operator Nepal Telecom and the largest commercial bank, Nepal Rastra Bank. This means the payment gateway carries unprecedented potential for outreach and quick growth nationwide. Additionally, with its paid-up capital of NRs. 400 million, it is also the largest digital payment gateway as of yet.
NDPC is the vehicle of the government’s drive for Digital Nepal Framework and it aims at making digital payment accessible in the remotest parts of the country and helps the government realize its ambition of a digital society through mobile banking.
Namaste Pay was soft-launched on Baisakh 19, 2078 on the occasion of 4th National ICT Day with limited features and still remains in its infancy. However, the full version of the app is soon expected which will come full-fledged and give a head-on contest to other payment gateways with its online and offline features.
The association between NDPC and NCHL both from the telecom and financial sectors carries the possibility of a synergy effect in uplifting the mobile payment practices in Nepal. Namaste Pay will reflect the national government policies for the digital economy. Namaste Pay is set up to engineer new modes of payment with unique features that will fill the holes left by the existing equivalents.
NDPC has acquired its license for a digital payment service provider from Nepal Rastra Bank is will soon arrive with a complete set of functions.