Machhapuchhre Bank introduces 1st offline ‘Tap and Pay’ in Nepalese mobile banking
With the launch of this service by Machhapuchhre Bank, users will be able to tap and pay using their phones while transacting through POS.
KATHMANDU: For the first time in Nepali banking industry, Machhapuchhre Bank has launched a contactless offline ‘Tap and Pay’ service on its mobile banking application using Tokenized technology based on the EMV standard.
Tokenization is often regarded as the most secure and dependable method available. Transactions are carried out using system-generated codes rather than the customer’s account data, ensuring that the customer’s information remains safe and secure.
With the launch of this service by Machhapuchhre Bank, users will be able to tap and pay using their phones while transacting through POS from certain businesses utilizing the bank’s mobile banking application MBL M-Smart.
This service is currently available from Android phones that enable NFC, and the consumer will not be charged a price to use it.
The bank has extended this service in a joint effort with F1 Soft International Pvt Ltd, Nepal Clearing House Limited (NCHL) and Cititech Pvt Ltd in the spirit of partnership and cooperation.
The bank has informed that tokenization will gradually be used in other products and services as well.
Machhapuchhre Bank, which is setting numerous trends in the banking business, has been providing the most up-to-date services and facilities to its customers while prioritizing research and development, particularly in the field of digital banking.
Simultaneously, this bank developed the ‘Tap and Pay’ service with the goal of delivering digital banking facilities to every level and level by prioritizing the use of contemporary technology and keeping the comfort of clients in mind.
