FOCUSONE Payment Solutions, a Payment Service Provider (PSP) with the National Retail Federation (NRB), has launched its Mobile Digital Wallet (MOCO) today. The MOCO digital wallet, developed in collaboration with Visa, the world’s leading provider of digital payments, represents a watershed moment in online payments. Users can simply link their Visa card details to their phone and begin paying for transactions by scanning a QR code displayed at a merchant location. According to the newest Payment Card Industry Data Security Standard (PCI DSS) regulations, the app features one of the most secure and advanced back-end systems of any Payment Service Provider in Nepal, and it is available in English and Nepali.
Using this QR solution, customers will be able to pay with a single mobile app at a variety of merchant locations, addressing the demand for an interoperable, secure, and stable system.
The MOCO app will now allow Visa cardholders of Nepal Investment Bank Ltd. to link their debit or credit cards to their digital wallets, allowing them to pay for purchases, utility payments such as telecom top-ups, internet and electricity bill payments, and other transactions without having to load funds into their digital wallets every time. At the time of a transaction, MOCO users have the option of selecting one of the Visa cards that they have already uploaded to their account. MOCO functions as a single digital wallet for numerous bank cards because it is an interoperable system.
“We are thrilled to announce the debut of the Scan to Pay feature with MOCO,” said Soumya Basu, Visa’s Country Manager for Nepal, Bangladesh, and Bhutan. In the past, Visa has strived to make financial services more accessible to everyone. Now, as a network that works for everyone, we aspire to make digital payments more convenient, smoother, and safer for cardholders and merchants alike. We are optimistic that, as a result of this agreement, customers in Nepal will be able to use their Visa credentials on their smartphones to make QR payments at retailers, which is a cost-effective solution for merchants to accept digital payments as well.”
The Chief Executive Officer of Nepal Investment Bank Ltd., Mr. Jyoti Prakash Pandey, stated that in accordance with the vision of Nepal Rastra Banks to popularise standardised QR payment experiences, the bank has partnered with FOCUSONE Payment Solutions, a payment service provider (PSP) in Nepal, to launch an international QR platform for our Visa cardholders.
Customers simply provision their cards and start using it immediately, said Pranaya Rajbhandari, co-founder and Chief Executive Officer of FOCUSONE Payment Solutions. MOCO is an open-loop non-store value digital wallet, which is the first of its type in Nepal, she added. During the following few months, the company expects to add more than ten additional banks to its network, with the goal of growing to include all banks and financial institutions in the very near future. MOCO is a mobile application that can be downloaded from the Google Play and Apple app stores.