Nepal Rastra Bank has revoked the license of payment service provider company GME Pay. GME Pay’s license was revoked after the service could not be put into operation even after 9 months of approval.
Dev Kumar Dhakal, spokesperson of Nepal Rastra Bank, said that the license of GME Pay has been revoked. “GME Pay Pvt. Ltd. could not operate the service within the stipulated time,” he told ICT news.
In the permission policy 2073 to be granted to organizations/mechanisms related to payment, there is a provision that the organization/mechanism should be put into operation within 6 months after getting the permission to work related to payment from Nepal Rastra Bank.
But GME Pay Pvt. Ltd. was given 3 months more time, but the license was revoked after it failed to put the service into operation. Rastra Bank gave permission to GME Pay Pvt Ltd on October 22, 2077. Whose paid up capital was 1 crore rupees.
With the cancellation of GME Pay’s license, 27 payment service providers are currently licensed. Earlier, the National Bank had given permission to 28 payment service providers and stopped giving permission to others.
After GME Pay’s license is revoked, will the new company get a payment service provider’s license in its place? We asked the spokesperson Dhakal that question. But Dhakal informed that even if GME Pay’s license is revoked, the new one will not get a payment service provider’s license.
10 payment system operators and 27 payment service providers have received licenses from Nepal Rastra Bank till the end of last October.
Asbachel IME Pay, Eswa, Cell Pay, Siji Pay, Khalti, Moru, Qpay, Pay Time, My Pay, Mohar Pay Card, Prabhu Pay, Inet Pay, Moko, Chatteri Pay, Paywall, GME Pay, Di Paisa, Super Yap Yo Pay, Yatra Card, Transaction Services, Digi Pay, Mobilet, I Pay, I Kyas, Namaste Pay, N Kyas, Chiti Paisa and Aaksoo Pay are approved as payment service providers.
Similarly, Nepal Clearing House Limited, Smart Choice Technologies Limited, Nepal Electronic Payment Systems Limited (NAPS), Union Pay International Company Limited, Visa Worldwide Private Limited, Nepal Payment Solutions Pvt Ltd, Mastercard Asia/Pacific Private Limited, PhonePay Payments are the payment system service providers. Service Limited, First Pay Technology Private Limited and Gateway Payment Services Pvt Ltd have also received permission.
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