Interest of foreign investors to invest in digital wallet Moroo
digital wallet MoruForeign investors have shown interest in investing in Foreign investors have been attracted to make strategic investments in Moru Digital Wallet, which is licensed as a payment service provider by Nepal Rastra Bank.
Shrish Poudel, Chief Executive Officer (CEO) of Moru Digital Wallet confirmed that foreign investors have shown interest in investing. Foreign investors have shown interest in investing in Moru. They have come up with various plans,' Paudel said while talking to ICT News, 'We are not only looking for investment but also strategic partners. Accordingly, talks are being held with foreign investors.'
The government is holding an investment conference in Nepal on the 16th and 17th of Baisakh. The conference will be attended by investors from all over the world. The government has prioritized the information technology sector in the investment conference. It is possible that an agreement can be reached with foreign investors for investment in the Moru digital wallet at the upcoming investment conference.
Paudel said that if foreign investment comes to Moru, the money will be used to develop infrastructure and expand services in rural areas.
Why use Moru Digital Wallet?
Moru is a digital wallet operated by PayNap Pvt Ltd. 27 companies have received permission from Nepal Rastra Bank as payment service providers, among which Moru is one. Moru has more than 500,000 users and the monthly turnover is up to 10-15 million rupees. Various types of digital payments can be made through Moru.
Moru Mobile App (Android And iOS) and Website Both can be used. But Moru is different from other wallets in some service features. Money can be sent from Moru to most of the wallets operating in Nepal. You can chat with those who transact your money on Moru. There is also the facility of expense tracking.
To verify KYC in Moru, you don't need to keep typing the number after placing the citizenship photo. This service is not available in other wallets. Paudel says that there is no need to type the citizenship number for KYC verification in Moru. 'You don't have to keep the citizenship number in Moru. It is enough to keep the citizenship photo,' he says, 'Why do you have to type the citizenship number again after putting the photo? I wonder why other service providers are not doing it.'
Moru has been giving 3 percent bonus on topup since its inception. Minimum 150 rupees and maximum 500 rupees bonus on flight booking. A bonus of up to 500 is available on annual internet fee payment.
Moroo has been using the word 'bonus' instead of cashback. He informed that they are using the word bonus instead of cash because they compete with 'cash'.
Moru has not created any agency model. He claims that he is able to give many bonuses to the customers because there is no agency model. Paudel continues, 'Our aim is to give many 'benefits' to the customer.'
Another thing is that bank transfer is also free for customers who use Moru continuously. There is no charge for sending money from Moru to other bank accounts. Customers are given a 'score' based on usage and once that score is over 25, the transfer is free.
If the score is less than 25 then transfer up to 10,000 will be charged Rs.4 and transfer above that will be charged Rs.8. According to Moru, the score can be known by bank transfer.
Now Moru is working on digital lending. Piloting is currently underway. Moru currently does not charge payment gateway fees. The company claims to take very little considering the nature of the business.
# To the sea
