The day 19th July 2014 is considered as a day of real beginning and very first bold step in the venture of establishment and operation of Switching Server as aimed by the company. It took quite some time in the selection of the Switch supplier, which required going under tedious selection process and rounds of meeting with the responsible management team members as well as with the suppliers including visits to the office of the suppliers. On this very day, an agreement was signed between Prabhu Technology and CashLink Global Systems Pvt. Ltd., Chennai, India to lease Switch Softwares including its installation and development of programme to test and run the servers fully fledged as required by PT.
On 29th of September 2014, an agreement was signed with Prabhu Bank Limited. The signing of agreement with Prabhu Bank Ltd. boosted up further strength in moving forward. The agreement ensures that Prabhu Bank will be using switching server installed by PT for its operation of ATM as well as POS/mPOS. The bank will also make use of other services related to the Rupaiya Debit/Credit Cards.
The agreement for MPOS Balance Top-up System was signed between Prabhu Technology Pvt. Ltd. and Continental Marketing Pvt. Ltd. on 01 April, 2015 wherein the Continental Marketing provides the facility to PT's clients to top-up mobile cell phones of Telecommunication Operators’ NTC and Ncell.
In line with gradual establishment and operation of the company, next agreement is with Prabhu Money Transfer. This is also one of major event of the company. The agreement with Prabhu Money Transfer was signed on 13th April, 2015 by Mr. Rameshwor Sapkota, Deputy General Manager of PMT and Mr. Bikash Maharjan, Managing Director and Chief Executive Officer of PT. The agreement states that PMT agrees to use Electronic Payment Switching Services hosted by the PT to its customers under Application Service Provider to issue different Rupaiya Remittance Cards.
Another major agreement signed by PT in its short period of commencement is the agreement with Nepal Investment Bank Limited. The agreement is signed by Chief Executive Officer’s of Nepal Investment Bank and Prabhu Technology on 16 April 2015. Both the party in the agreement agree to inter connect their EFT switches to acquire / accept Rupaiya Cards and NPN / NIBL Cards to their respective networks.
On 24th September 2015, Prabhu RuPaiya Remittance Card is launched at Hotel Dallas, Dubai. Banking Operation Manager- Binu CA of Al Ahalia Exchange made an announcement about the operation started of Prabhu RuPaiya Remittance Card and can be transacted through Al Ahalia Exchange. The Card is launched by Mr. Bikash Maharjan, CEO and MD of Prabhu Technology.
Prabhu Technology Pvt. Ltd. and Huawei Technologies Nepal Co. Pvt. Ltd. organized Presentation & Interaction program on Mobile Financial Services - mRuPaiya, a truly Mobile Financial Service Product in Nepal.
The program was held on 28th June 2016 at Hotel Yak & Yeti, Durbar Marg, attended by Mr. Chinta Mani Siwakoti, Acting Governor as a Chief Guest, along with distinguished guest Mr. Shiba Raj Shrestha - Deputy Governor, Dr. Nephil Matangi Maskey - Executive Director, Payment & Settlement Department of Central Bank and CEOs & CTOs of Commercial Banks of Nepal.
The presentation was carried by Mr. Pieter Meijs- Sr. Program Manager, Huawei Technologies, informed about the attractiveness & viability of using Mobile Financial Service. It will cover more than 90% areas of Nepal and be available through the Prabhu 6,000+ Agent Network spread across the country for Cash Deposit, Cash Withdrawal, Person to Person(P2P), Person to Business(P2B) & Business to Business(B2B) transfer and Other e-Commerce activities.
Further, the Central Bank has assured that, they will provide full support for this product as a product like mRuPaiya, which is brought forward by Huawei in a joint venture with Prabhu Technology, will definitely help to fulfill the gap and will bring one step closer the unbanked people towards financial service, ultimately moving forward to achieve the greater milestone.
mRuPaiya - Easy. Efficient. Economical.