NMB sings MOU with nCloud to promote digital payment in buses

Kathmandu, Aug 1

NMB Bank has signed a Memorandum of Understanding (MOU) with nCloud Pvt Ltd. to promote digital payment channel in the transport sector.

The MOU was signed between Sunil KC, Chief Executive Officer of the bank, and Dipendra Narayan Shrestha, CEO of nCloud. 

The agreement seeks to implement digital payment collection system in public vehicles through the use of contactless cards and POS terminals.

The project shall commence with the initial tie up with Kipu Bus Sewa Pvt. Ltd. where passengers can use the contactless card for the payment of their bus fares, said the bank in a statement on Saturday. 

"Amidst the Covid-19 scenario and the safety measures to be adopted, the agreement comes as a first of its kind technological support rendered to the transport sector to aid in maintaining social distancing in public buses," it said.

The project is in line with Nepal Rastra Bank mandate towards digitisation and step towards the transformation from cash-based to cashless society.

The project encompasses similar alliances with other bus management committees to introduce similar contactless fare collection systems.

Published in The Rising Nepal daily on 2 August 2020.