Mr. Pratap Shrestha, Managing Director, nPay
N-pay is an emerging payment gateway which was founded with a vision to operate as a Digital Bank. It is a pioneer fintech to start e-banking services on behalf of BFIs.
N-pay was founded by young, enthusiastic group of people. Since its inception in 2014, Mr. Pratap Shrestha has been leading as MD at N-Pay, who is very humble and energetic in person and has started his career at the age of 18 in the remittance industry. He was employed in Bahrain by the Kist Bank’s remittance department where he nearly worked in that industry for 11 years. Then, he completely switched to the emerging IT industry at N-Pay. This interview is based on the personal interview by Nirmal Gharti and Suraj Kumar Tamang.
- First time in the world, Mobile Banking Check-out
- First time in Nepal established Card Processing and e-banking
- Serves 25 lakhs Customer
- Secured system with 2 factor authentication and PCI-DSS Compliance Process
- Future Products: Create a Link Payment, Subscription based Payment
- Vision is to be established as the Digital Bank
- You were working in the remittance industry, then you completely switched to Fintech Industry, what were the driving factors behind your bold and out of the box decision?
= First of all, I am a tech savvy and academically management background person. I have always been quick learner. These things pushed me to enter into this industry and will motivate me further in coming days.
- Tell us about the N-Pay, how it was established?
= N-pay is a payment gateway. It was established in 2014 and came in operation a year later in 2015. It is based on Business to business(B2B) model. So, we provide a platform to business where financial transactions are easy made in reliable, secured and simple way.
Currently, we are serving about 25 lakhs customer. We have brought mobile banking check out service, which is the very first time in the world and helping customers to make payment by single e-banking user id. For example, I am using NIC Asia’s mobile banking then, while buying movies tickets, I do not need to again create user id on any wallets. Instead I use the mobile banking user name and password to make payment. In addition we are the first to start card processing and e-banking services in Nepal.
We are currently making 50000 QR code merchant payment point, an order from NIC Asia, for retail outlets. It will add a stone in the way to make cashless economy.
3. What sort of obstacles you have faced in this industry so far?
= We have always looked for opportunities in every obstacle. You say, technology adoption rate is very slow but we see, there are plenty of people, who are still to adopt it or perspective customer.
And there is a shortage of skilled manpower like Web developers. Many of the Developers flew to abroad for securing future. Major challenge is to convince them that they can have secured and respectable career here too.
4. How can you assure us that N-Pay is reliable?
= We are in the IT industry, where information plays vital role. Thus, we are serious from the very beginning. We believe the online transaction should be reliable, secured and simple.
Furthermore, we have 2 factor authentications, which is the authentication method of conforming user’s claimed identities by using a combination of two different factors: i) something they know ii) something they have or iii) something they are. Also, we have PCI-DSS compliance process which is an information security standard for organizations that handle branded credit cards from the major card schemes
5. Where shall we see N-pay in 5 years down the line?
= Talking about future plan, we are going to launch our new service in February, which facilitates business houses to create payment link. And send them to customers. So, they can pay through that link. For example, how do a student pay her fees? Either she makes payment through check (or cash) or deposits fees amount into bank. But this product creates ease in the entire payment process. By using it, college creates a link and send to her, then she goes through that link and pay her due fees.
We will also bring subscription-based payment within 6 months. It will help the customer to make payment in package and they do not need to frequently make transaction. For example, while you buy 2 years’ service of Netflix, you only need to pay once and then enjoy the services.
Our long-term vision is to be established as a Digital bank, which contributes Nepalese Economy to become cashless one.
Interviewed by : Nirmal Gharti and Suraj Kumar Tamang
Interviewed date : January 21, 2019
Place : nPay office, Janak Kumari Tower 5th & 6th Floor , Kathmandu, Nepal