With the advancement of technology, the way people interact, eat or communicate has completely changed. However, talking about the context of technology in Nepal, we are always late to taste these latest achievements in the field.
Whenever we go shopping or eat at a restaurant or buy service, cash is the most used mode for payment. Well, some of us may even use credit/debit card, but this could change is everything goes according to plan.
The Nepal Telecom set to start a new service called “Mobile Money”, where you can pay through the telecom. As the Nepal Rastra Bank has come up with the new law where you can pay through the electronic medium. Three company has shown interest to support the Nepal Telecom in the process. The proposed companies are IME Pay, Prabhu Technology, and CG Pay.
Prabhu Technology and IME pay have already got the license for mobile payment, they are seeking the opportunity to tap large user base of the company.
The BOD has formed a committee for further processing of the proposed company. Furthermore, the Committee will prepare a preliminary report based on the modality, either make them a partner or use them are medium, etc.
Additionally, the BOD has given a couple of options, either coordinate with the proposed company or to establish a new company. However, the Spokesman of NTC, Prativa Baidhya said “The NTC is still discussing whether we should partner up with proposed company or from another company. For now, we are on the study and research stage, we will take the decision soon.”
And also, an officer of Telecom said “As we already have 1 crore and 40 lakh telecom mobile user, it will better if we form a new company,”
What is Mobile Money?
It is an electronic wallet service, that lets users store, send and receive money using their mobile phone. It’s safe and easy electronic payments make Mobile Money a popular alternative to bank transfers.
What can I do with Mobile Money?
Actually, almost everything in your daily life, like shop online, pay bills or school fee, top-up mobiles, etc. Additionally, any users can width from any authored agent.
How does it work?
It stores fund in a secure electronic account linked to a mobile number. To pay the user selects the relevant service from their phone’s Mobile Money menu. Actually, it’s just like sending a text message.
Is it safe?
Similar to a bank account, funds held in a Mobile Money account are protected by local financial regulations. Mobile Money providers and partners that are required to check the identity of their users – making it much harder for fraudsters and criminals to use these services illegally.
Do I need to have a smartphone?
Actually, you don’t, it will work with feature phone also.