26 June 2024, Kathmandu
Discover how Fonepay has revolutionized cross-border payments in Nepal, recording over Rs. 250 million in UPI transactions since February 28, 2024. Learn about the impact on Indian travelers and the seamless payment experience that makes Nepal a preferred destination.
Fonepay UPI Adoption Nepal
Fonepay is thrilled to announce a remarkable surge in UPI (Unified Payments Interface) acceptance for travelers from India across Nepal. Since its launch on February 28th, 2024, cross-border payment acceptance with UPI has experienced phenomenal growth, processing over Rs. 250 million in transaction volume and exceeding 100 thousand transactions across all 77 districts. This surge aligns perfectly with the peak season for Indian travelers visiting Nepal, which is expected to reach record numbers this year.
Many Indian travelers are choosing Nepal for its breathtaking scenery, rich cultural heritage, and growing adventure tourism. UPI payments eliminate the need to exchange currency or carry cash, allowing for a seamless travel experience. The convenience, security, and immediacy of UPI payments through the Fonepay network have been pivotal in driving the increase in transactions from Indian tourists, making their visits to Nepal more convenient and enjoyable. This seamless payment solution is a key factor in the rising popularity of Nepal as a preferred destination for Indian travelers.
Fonepay has established itself as the frontrunner in facilitating UPI payments in Nepal with strong BFIs network. As of now, 80% of Nepal’s QR acceptance infrastructure can accept UPI transactions using Fonepay’s payment rails. The QR and payment rails operated by Fonepay network have enabled all 77 districts of Nepal to be covered of UPI acceptance Nepal The extensive network operated by Fonepay, which encompasses BFI’s and PSPs operating in the country, facilitates widespread availability of UPI payments across the country, further contributing to its rapid adoption.
“The rapid adoption of UPI payments in Nepal is evidence to the growing demand for convenient and secure digital payments,” said Diwas Kumar, CEO at Fonepay. “We are thrilled to play a key role in this digital transformation and empower both Nepali citizens and Indian visitors with seamless payment options.”
Looking ahead, Fonepay is fully prepared, both technically and operationally, to enable Nepalese citizens to make UPI payments in India. The company is waiting for approval from the Nepal Rastra Bank to unlock this exciting potential for cross-border transactions.
About Fonepay
Fonepay is a Payment System Operator of Nepal Licensed and regulated by the Central Bank of Nepal (Nepal Rastra Bank),. A subsidiary of the F1Soft Group, Fonepay is an ISO/IEC 27001:2022-certified company. Fonepay has been making active efforts to contribute towards a cashless economy by enabling fast, secure, and reliable digital cashless payment services to bank and wallet customers. The company is focused on bringing innovations to the mobile payment network through the use of technology to achieve greater efficiency in operations and widen the reach of payment systems.
