Kathmandu, Focusone Payment Solutions Pvt. Ltd. (MOCO) has signed an agreement today to join in the first phase of National Payment Switch (NPS) that Nepal Clearing House Ltd.is rolling out.
The agreement was signed between Mr. Pranaya Rajbhandari, Chief Executive Officer, Focusone Payment Solutions Pvt. Ltd. andMr. Neelesh Man Singh Pradhan, Chief Executive Officer, Nepal Clearing House Ltd.With this FOCUSONE has become the first PSP to join NPS. Focusone will use for itself and also facilitate other member BFIs in rolling out various instruments and use cases of National Payment Switch.
Implementation of National Payment Switch is one of the national agenda of the Government of Nepal budget plan and NRB’s Monetary Policy, corresponding to which Nepal Rastra Bank had provided final approval for rollout of the first phase of NPS. While the complete infrastructure and procedures, required for the first phase of NPS, has been completed, NCHL is now collaborating with the BFIs and PSPs for its rollout and business operations, under which the agreement between Focusone and NCHL has been signed.
The first phase of NPS includes retail payment switch to remain as an implementing infrastructure for NepalQR Standards including NEPALPAY QR scheme and inter-network QR; direct debit Request-To-Pay and e-mandate instruments; wallet to wallet interoperability; and biller gateway for service interoperability. The infrastructure will remain as the primary digital payments infrastructure having real-time and non-real-time switches and open APIs, that can be used by the BFIs and non-BFIs to establish multiple digital payment use cases.
The second phase of the NPS project is work in-progress that is intended to establish national card switch and Nepal Payment Card to ensure interoperability of domestic card transactions and for introduction of Nepal’s own domestic card scheme.With the establishment of National Payment Switch, NCHL expects to support and work together with the regulator and all the stakeholders to increase and improve digital ecosystem in Nepal.
About Focusone Payment Solutions
Focusone Payment Solutions Pvt. Ltd. is a payment service provider, licensed by Nepal Rastra Bank. Since establishment it has been adopting various industry standards to ensure highly secured transactions and extend various services to its users.It has always been on forefront while adopting and providing new technology and services to users by collaborating with various national and international partners.
What can you do with Moco Digital Wallet?
Since QR-based payments and Near Field Communication (NFC) based contactless payments are gaining momentum in Nepal, MOCo has entered as an enabler in this payment method. In MOCO, you do not need to load funds as in other digital wallets. What you simple do is, just add any of the VISA debit/credit cards by entering the required details. Then every time you make payments from this app to any merchant, you can scan a QR code and it uses your card rather than loaded funds.
For debit cards, it uses your bank balance while for credit cards, it uses the credit limit on your card service. For the initial phase, Focus one has collaborated with Nepal Investment Bank to provide this service. NIBL customers can pay through their Visa card while making QR-based payments from the MOCO app. Since VISA is the prime card operator for most banks, any banking customer with a VISA card can use the MOCO app for making payments. By adding their VISA cards on their phone, the users can get rid of carrying their physical cards everywhere.