The digital wallet begins its operation with Nepal Investment Bank Ltd.
KATHMANDU, SEPTEMBER 30
FOCUSONE Payment Solutions, a licensed Payment Service Provider with the Nepal Rastra Bank (NRB), has launched its Mobile Digital Wallet – MOCO, today.
Partnering with Visa, a global leader in digital payments, the MOCO digital wallet is a revolution in online payments where users can simply link their Visa card details to their phone and start paying for transactions by scanning a QR code displayed at a merchant.
As per a statement released today, the app complies with the latest Payment Card Industry Data Security Standard (PCI DSS) protocols and has one of the most secure and sophisticated back-end systems of any Payment Service Providers in Nepal.
This QR solution addresses the need for an interoperable, secure and stable system where users can use a single mobile app to pay through QR at various merchant outlets.
Visa cardholders of Nepal Investment Bank Ltd. will now be able to add their debit or credit cards to the MOCO app and use it to pay for purchases, utility payments like telecom top ups, internet and electricity bill payments, etc, without having to load funds into their digital wallets each time.
Likewise, MOCO users have the power to choose between any of the Visa cards they have uploaded during the time of transaction.
As an interoperable system, MOCO acts as a single digital wallet for multiple bank cards, the statement further reads.
Soumya Basu, Country Manager, Nepal, Bangladesh and Bhutan, Visa said "We are delighted to launch the Scan to Pay feature with MOCO. Visa has always aimed at enabling easier access for all and as a network working for everyone, we want to make digital payments more convenient, smoother and safer for cardholders and merchants. With this partnership, we are confident that users in Nepal can now use their Visa credentials on smartphones to make QR payments at merchants, which is a cost-effective way for merchants to accept digital payments as well."
Similarly, Jyoti Prakash Pandey, Chief Executive Officer of Nepal Investment Bank Ltd. mentioned that in line with Nepal Rastra Banks's vision to popularize standardized QR payment experience; we have tied up with FOCUSONE Payment Solutions, a PSP in Nepal to launch an international QR platform to our Visa cardholders.
Pranaya Rajbhandari, co-founder and Chief Executive Officer of FOCUSONE Payment Solutions highlighted that MOCO is an open loop non-store value digital wallet, the first of its kind in Nepal, where customers simply provision their cards and start using it immediately. The company will be adding more than 10 other banks within the next few months and looks forward to expanding to all banks and financial institutions in the very near future.
MOCO app is available for download on Google Play and Apple app store.