Nepal Digital Payment Company, Nepal Telecom's affiliate, has sent a request to Nepal Rastra Bank (NRB) for a license to run a mobile cash facility. To run the digital payment service using a mobile number, the organization seems to have built up all the necessary facilities. Nepal Telecom will formally begin offering mobile money services in Nepal from the Nepal Digital Payment Company after acquiring the license.
Phase of Licensing
The mobile money directives were accepted by NTA approximately a year ago. Six months ago, Nepal Telecom got a letter of intent (LOI) from Nepal's Rastra Bank. According to the requirements of LOI, within six months of acquiring LOI, the organization needed to set up company facilities, hardware, and applications for running mobile money service. As a result, Nepal Digital Payment Company has applied for a license for digital payment using mobile cash after six months of planning.
As per the report, published in Kantipur Mr Dilli Adhikari, MD of Nepal Telecom, submitted a license application to the NRB on January 10. He also announced that the implementation process for technological frameworks, applications and legal infrastructure was complete.
Nepal Rastra Bank (NRB) will now track and issue approval for the company's overall scheme. This indicates that the Mobile Money Service of Nepal Telecom will run in the month of Falgun, 2077, as NRB control and authorization could take some time. Nepal Digital Payment Company is a joint venture formed with the approved capital of NRs between Nepal Telecom and Rashtriya Banijya Bank (RBB). Of 1 billion.
So far, the Top Digital Payment Wallets in Nepal are identified by many digital payment service providers in Nepal. Nepal Digital Payment Company may be the pioneer in Nepal's digital payment field with the licensing and launch of the mobile money service, if anything goes according to the scheme.
There are different fascinating aspects of the mobile money app, such as providing a wallet attached to the mobile number itself.
How do they handle the balance in the Mobile Cash Department?
They will hold two different wallets or account for your mobile number, as they are known. One is for the daily smartphone balance (main balance) and another is for the wireless money wallet to be used. Taxable sums such as VAT, telephone operation fees and cell ownership fees are added to the key balance, according to the source. Therefore, to prevent tax inclusion in the wallet portfolio, the primary balance would not combine with the wallet fund.
For now, you will have the option of using a recharge card to load mobile cash. During recharging, we may opt either to retain the recharge number in the wallet or in the main balance.
Another feature is that a bank account connected to it is not provided by the service to conduct transactions. Many digital payment systems need a bank account to which they are connected. But the customer does not even need a bank account to use digital payments from the mobile money app. As well as the wallet fund, the customer can use the recharge card to recharge the phone balance. The smartphone balance will then be used to buy products and services, to pay taxes, to buy records, and so on.
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