Ncell will launch its mobile money soon. The private telecom has acquired a license of a Payment Service Operator and will provide mobile money service through a subsidiary company.
Previously the state-owned Nepal Telecom had received such a license to operate a digital transactions service. Now, it has come to light that Ncell Axiata also earned permission to start its own mobile money payment service.
The news came out after the government released its economic survey report 2077/78 concerning Information and Communication on May 28th. It came to light that along with Nepal Telecom, Ncell had also got the nod to operate its mobile money service. Here is the snapshot of the point mentioned in the economic survey report of FY 2077/78.
As per the report, Ncell acquired the license for mobile financial service (MFS) and mobile transactions after the agreements between Nepal Rastra Bank and Nepal Telecommunications Authority this fiscal year.
Ncell will now have to set up a subsidiary company and develop the mobile money platform. As NTC has offered both online and offline transactions, Ncell may also offer the same flavor.
Two Wallet System!
It is possible that the company will introduce two wallet systems: offline transactions through balance and the other, a complete digital wallet solution.
Nepal Telecom partnered with Rastriya Banijya Bank and set up a subsidiary company titled Nepal Digital Payment Company. The collaboration has already soft-launched Namaste Pay. Meanwhile, Ncell has not revealed much about its development as yet.
The report has also revealed that five commercial banks are incorporated into a scheme to regulate electronic transactions through both private and government sectors. The government is setting up a national payment gateway server for this project.
For now, the government is integrating Financial Comptroller General Office’s electronic fund transfer API to speed up the plan.