Namaste Pay, Nepal Telecom’s upcoming digital payment service is reportedly launching in Jestha this year. And even before launch, it is already touted as the biggest digital wallet in Nepal.
In a market where we already have other dominant digital wallet service providers such as eSewa and Khalti among the most used PSPs (payment service providers), Namaste Pay has already created a buzz. You may wonder what makes it worth the news?
Well, we will try to satisfy your curiosities around this upcoming e-wallet in the passages below.
What is Namaste Pay?
In short, Namaste Pay is Nepal Telecom’s version of a digital payment service. The government-owned telecom is launching its own e-wallet to offer distinct services which the existing ones are lacking. If you are asking what could it comprise of when I said ‘existing ones are lacking.’ Well, Namaste Pay will allow you to pay your financial transactions with a mobile balance. And that is just the start.
Namaste Pay is the result of the initiation of Nepal Digital Payment Service Company Limited (NDPC) which is a joint venture between Nepal Telecom and Rashtriya Banijya Bank. Their aim behind this digital wallet is to offer an even more convenient and affordable electronic payment service deviating from others. Already the product has amassed a total of 400MN (40 crores) Nepali rupees which is a record among such enterprises to date in Nepal.
How Is It Different?
Branding it distinct would be underwhelming. Although the end purpose is still a digital transaction, it is radically different from others. As it is a joint enterprise between two large institutions, they have enough means and resources to cramp up the features and offer distinct services than others. Let’s find explore its features and benefits.
Namaste Pay will work offline. Yes, you heard it right. Unlike, any other digital wallet service in circulation, it will work both online and offline. This is why users will not have to bother about internet connection. If you are on the Nepal Telecom network, you can perform offline transactions at any time with the service.
Users of this service will also be able to purchase goods and services or make transactions with their balance on NTC SIM. That will rid them of having a mandatory bank account. Their mobile balance could also serve as a bank account so to speak.
It is the first time that a digital wallet will incorporate mobile balance on a SIM operated under Nepal Telecom to allow electronic transactions.
Also read this: Corporate Pay Operational in Nepal
The Biggest Advantage
Having a digital payment gateway that works offline is a big advantage. However, Namaste Pay adds its most value to those living in rural areas where internet penetration is extremely low. In those areas, people are deprived of a convenient e-wallet in the absence of an internet connection. Now with Namaste Pay, they will be able to pay and purchase goods and services with ease.
People in rural areas may not carry a high-end mobile phone and install digital wallets with an intuitive interface and jam-packed features. They need a simplified payment service that is basic yet complete. This is where Namaste Pay comes into play. People can utilize their mobile balance to pay and it does not even require an internet connection. It is going to be a massive benefit especially for those who are using feature phones.
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Namaste Pay is revolutionary and It is different. It works offline and allows payment out of mobile balance. With paid-up capital of NRs. 400MN up its sleeve, it is already the largest payment service provider (PSP). However, its real test would be when it finally launches and makes a head-on collision with other established competitors. Although its features and advantages look highly credible, only time will tell how far it will go. Only time will tell when it finally makes its much-anticipated arrival in 2078 Jestha.