MOCO digital wallet launched

Kathmandu, Sept. 30

Focusone Payment Solutions has launched its Mobile Digital Wallet – MOCO today.

"MOCO digital wallet is a revolution in online payments where the 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," the company said in a statement on Thursday.

It said that 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.

Currently, Visa cardholders of Nepal Investment Bank Ltd. (NIBL) will 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, stated Focusone.

MOCO users have the facility 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 Chief Executive Officer of NIBL, Jyoti Prakash Pandey, said that the bank partnered with Focusone Payment Solutions to launch an international QR platform for Visa cardholders in line with Nepal Rastra Banks’s vision to popularise standardised QR payment experience.

Pranaya Rajbhandari, co-founder and Chief Executive Officer of FOCUSONE Payment Solutions, said 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 plans to add more than 10 other banks within the next few months.

Published in The Rising Nepal on 1 October 2021.