Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: The internal testing of mobile money, which is being operated jointly by Nepal Telecom and Rastriya Banijya Bank, has started. The service has been named ‘Namaste Pay’.
As the internal testing has started from the limited number, the service will be operated commercially within the next one month, informed Dilli Adhikari, managing director of NT.
As per him, although technical work such as hardware and software connection has been done for the operation of the service, the only thing left is to make a link with other service providers.
“Every bank has to sign an agreement to operate the service. So far, agreement has been signed with about five banks,” said Adhikari. Earlier, it was said that mobile money could be used to buy goods from the balance in the mobile, but this would not be possible due to the government’s tax policy, Adhikari mentioned.
“As soon as you recharge your mobile, 2 percent is deducted as ownership fee, 13 percent as VAT and 13 percent as telecommunication service fee. When mobile recharge and mobile money are made the same, 28 percent of the consumer’s money will be deducted,” informed Adhikari.
Due to this provision of the tax policy, mobile money can be used through mobile shortcodes and apps.
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