7th September 2023, Kathmandu
Fonepay Payment Service, Nepal’s Largest Payment Network, and NPCI International Payments Ltd (Cross-Border QR Payment Solution), the international arm of the National Payment Corporation of India, are now ready to launch the first cross-border QR Payment between Nepal and India.
This historic unveiling took place at the Global Fintech Fest 2023, a global gathering of fintech visionaries, thought leaders, and innovators.
Cross-Border QR Payment Solution
This collaboration between Fonepay and NIPL will empower millions of citizens of both nations, to securely and conveniently make instant payments through QR codes across various stores by using the mobile application certified by Fonepay and NPCI.
Both companies have now completed operational preparations and technological integration is in the final process after which the companies can offer the service to their issuing and acquiring members and enable their consumers and merchants to enjoy the service.
The strategic partnership between the two companies will provide a considerable boost to the digital payments ecosystem in both countries and will prove to be a major stepping stone for wider reach in the international market.
Chairperson of Fonepay and President of F1Soft Group, Mr. Biswas Dhakal, said, “This remarkable launch marks a significant step towards enhancing financial connectivity between Nepal and India by leveraging technology for the benefit of our citizens. I am confident that this initiative will significantly contribute to the growth of trade, tourism, and economic relations between both countries, ultimately fostering prosperity and development.”
Speaking on the same occasion, NIPL said, ” This initiative signifies our commitment to fintech innovation and strengthening our nations’ bonds. We envision this partnership as a catalyst for greater financial inclusion and economic prosperity and are excited to embark on this journey of transformation together with Fonepay. “
About Fonepay:
Fonepay is a Payment System Operator facilitating inter-bank person-to-person (P2P) and person-to-merchant (P2M) transactions through its interoperable network and mobile platforms. Fonepay is regulated by Nepal Rastra Bank (NRB) and was the first mobile payment network to be licensed by NRB as a Payment System Operator (PSO). Fonepay is actively contributing towards a cashless economy by enabling fast, secure, and reliable digital payment services to customers as well as businesses through partner banks and wallets. Fonepay is a subsidiary of the F1Soft Group.
For more information, visit: https://fonepay.com/
About NIPL:
NPCI International Payments Limited (NIPL), an international arm of NPCI is devoted to the deployment of NPCI’s indigenous, successful Real-Time Payment System – Unified Payments Interface (UPI) and Card Scheme – RuPay, outside of India. NPCI has successfully developed and proved its product and technological capabilities in the domestic market by transforming the payment segment in India. With its knowledge and experience, NIPL can offer several countries to establish a ‘real-time payment system’ or ‘domestic card scheme’ in their own country with technological assistance through licensing, and consulting for building real-time payment systems. NIPL is focused on transforming payments across the globe with the use of technology and innovation.
For more information, visit: https://www.npci.org.in/