Kathmandu: In a recent discussion surrounding the strategic development of payment systems, experts have proposed the implementation of an Unstructured Supplementary Service Data (USSD)-based payment system in Nepal. This initiative aligns with the country’s Strategic Pillar-4, Objective-2, and aims to enhance financial inclusivity.
The report titled “USSD-Based Payment System and its Regulations: Suggestions for Nepal” outlines several recommendations for improving financial access through USSD technology. The findings indicate that USSD can serve as a vital tool for delivering financial services, particularly to underserved populations.
Key points from the report highlight the importance of integrating USSD into existing payment frameworks to facilitate easy access for users. The study advocates for the development of offline payment solutions that can operate without internet connectivity, ensuring that all citizens, regardless of their technological access, can benefit from the system.
The experts emphasize the need for regulatory frameworks to govern the use of USSD in financial transactions, ensuring security and reliability for users. Furthermore, they suggest that continuous research and data collection should be prioritized to understand the evolving needs of the population and the impact of USSD solutions.
As Nepal moves forward in its digital payment journey, the implementation of a robust USSD-based payment system could play a pivotal role in advancing the country’s financial ecosystem, making it more inclusive and accessible for all citizens.