NMB Bank signed a Memorandum of Understanding with nCloud to promote digital payment channel in the transport sector. The MoU was signed between CEO of the Bank, Sunil KC and Dipendra Narayan Shrestha, CEO of nCloud.
The agreement seeks to implement digital payment collection system in public vehicles through use of contactless cards and POS terminals. The project shall commence with the initial tie up with Kipu Bus Sewa where passengers can use the contactless card for the payment of their bus fares.
In the Covid 19 scenario where safety measures must 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. The project is in line with Nepal Rastra Bank’s mandate towards digitisation and a step towards the transformation from cash based to cashless society. The project encompasses similar alliances with other bus samitis to introduce similar contactless fare collection systems with other bus operators, reads the press statement from the bank.