SUNNYVALE, Calif., Nov. 16, 2015 /PRNewswire/ -- Nuspay International Incorporated, a global technology company in the payments industry announced today the launch of the first NFC (near field communication) Tap & Pay payment card in Nepal. The ground-breaking electronic multipurpose Nuspay NFC payment card was created in association with Nepal Bank Limited and Sajha Yatayat, a public transportation bus services provider in Nepal.
The NFC Tap & Pay payment card will reduce fraud in travellers' payments while allowing commuters on Sajha Yatayat buses to conveniently pay for their journey using the Nuspay co-branded Sajha Yatayat Smart Travel Card. "Nuspay will act as both payment network and processor, becoming a unified payment technology platform in Nepal. This will provide a single point of service to access its payment solutions across the entire payment processing value chain between financial institutions, merchants, and customers," said Greg Wooten, Chief Executive Officer of Nuspay.
Commenting on their alliance with Nuspay, Mr. Kanak Mani Dixit, Chairman Sajha Yatayat, said, "This partnership to launch our multi-purpose NFC-based payment system will have a substantial impact on both commuters and bus conductors for increasing convenience and offering complete security against risk of financial leakages simultaneously. The fare amount will be charged on the basis of the travelled distance while tracking the entry and exit of the passengers through the Smart Travel Card solution."
Mr. Devendra Pratap Shah, CEO Nepal Bank, which has partnered with Nuspay to implement the solution, added, "We are pleased that our partnership with Nuspay will help usher in a paradigm shift in payment solutions with this more secure and advanced payment system in Nepal."
Nuspay™ is a global financial technology provider building the next-generation global payment network. Nuspay works in tandem with financial institutions, payment networks, payment processors and related financial businesses worldwide to facilitate the acceptance and processing of all forms of payments through its patent-pending technologies. Nuspay is an industry pioneer in payment data security, digital currency, and payment acceptance innovations. The company is headquartered in the U.S., with innovation laboratories in Delhi and Hyderabad, India. For more information, visit http://www.Nuspay.com
About Sajha Yatayat:
Sajha Yatayat is a public transportation bus system in Nepal. It was established in 1961 to provide efficient and affordable public transportation services to commuters in the Kathmandu Valley and to inter-district travellers. In July 2015 Kathmandu Metropolitan City allocated $1 million to acquire larger buses for Sajha Yatayat and finance incurred management and operation expenses.
About Nepal Bank Ltd:
Nepal Bank is the oldest commercial bank of Nepal. It was established in 1937, which marked the beginning of an era of formal banking in Nepal. It is now the second largest bank in Nepal, with 118 branches in the 55 districts of the country. As of January 2015, its total assets amounted to $800 million.
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SOURCE Nuspay International Incorporated