Paywell Nepal comes into operation

Kathmandu, Feb. 10

Paywell Nepal, a payment service provider company, has started its operation.

The company that received the license for the payment service provider from the Nepal Rastra Bank in October 2020 was established about three years ago.

Deputy Governor of the NRB Chinta Mani Siwakoti launched the operation of the company amidst a programme in the capital the other day.

Currently, it has paid-up capital of Rs. 10 million and plans to increase it to Rs. 100 million in order to expand the business and services.

Company's chairman Nepal Bhushan Chand said that the company has planned to issue shares to public in near future. "We aim to issue shares to the public and list the company at the Nepal Stock Exchange (NEPSE)," he said.

The company's proposal to increase the paid-up capital is in the process of approval at the NRB.

Chief Executive Officer of the company Dilli Prasad Chaudhary said that Paywell is a digital wallet company that would help in making digital payment in electricity, water, hospital, hotel bill, television, telephone and internet recharge, school and college fee payment and purchasing air tickets.

Users can also send, receive, deposit the money and pay the government revenue through Paywell. It is also making preparations to support offline payment service in the areas where there is no internet service. SMS and USSD technology would be used in offline areas and services like top-up and fund transfer would be provided to the users.

Paywell application is available in Google Play Store and IOS' App Store. The company claimed that the application was designed with topmost security designs. A quick response team would be ready to help the clients if any problem arose during the use of application.

Published in The Rising Nepal daily on 11 February 2021.