Nepal Telecom, a state-owned telecommunication provider collaborates with Rastriya Banijya Bank to provide Mobile Money Service.
Nepal Telecom does not have a license for the financial transaction so they were planning to partner with the company having Payment Service license provide and finally now they have decided to form a subsidiary company for cashless payment partnering with Rastriya Banijya Bank which is Government-owned commercial bank.
The Mobile Money Service can be made available to all mobile service subscribers having smartphones as well as feature phones. Mobile Money Service can be provided through SMS, USSD, NFC, mobile apps and so on. For this, Nepal Telecom will link customers’ mobile number with the digital wallet account. The account balance and mobile’s balance can be exchanged for money transfer, paying for merchants, online transactions and making utility payments.
Nepal Telecom was studying about Mobile Money Service for 2 years and during the occasion of National ICT day, they finally decided to make a partnership with Rastriya Banijya Bank to bring Mobile Money Service in Nepal. The agreement was made on the presence of Honorable PM KP Oli.
As world trend going digital every day, this sort of financial service help to bridge gap for access to bank and payment service throughout the nation. Let’s hope the collaboration between Nepal Telecom and RBB will bring new changes in the Digital Payment Framework with its Mobile Money Service. We hope it will help people to form a cashless Nepal and build a Digital Nepal