Nepal’s First Locally Developed Credit Card: Fonepay-Citizens Bank Partnership Offers 50% Cashback

12 September 2024, Kathmandu

Citizens Bank, a leading commercial bank of Nepal, has announced the Launch of Nepal’s first and very own Virtual Credit Card in partnership with Fonepay. Citizens Fonepay Credit card is Nepal’s card scheme.

Nepal’s First Locally Developed Credit Card

This innovative solution, the first of its kind in Nepal, offers a fully virtual experience, and combines the convenience of QR payments with the flexibility of credit, offering users a seamless and secure payment experience with the convenience of managing transactions at ease.

The Citizens Fonepay Credit Card provides users with a host of features designed to enhance the credit card experience:

• Instant Issuance: Get your card within seconds from your Citizens Smart Mobile Banking App
• Scan and Pay: With your new Citizens Fonepay Credit Card, you can easily Scan & Pay at over 1.4 million Fonepay Merchants.
• Spend Tracking: Stick to your monthly budget and track your spending in real-time with transaction statements.
• 45-Day Interest-Free Credit: Experience the advantage of up to a 45-day interest-free credit period and take your financial flexibility to the next level.
• Flexible Repayment Options: You have the freedom to decide whether to pay in full or make the minimum payment. The choice is yours.

 Special Campaign Offer: 50% Instant Cashback

To celebrate the launch, Citizens Bank is offering an incredible 50% instant cashback of up to Rs. 1,000 per user on transactions made with the Citizens Fonepay Credit Card. This limited-time offer starts on September 12, 2024, and is available to all eligible Citizens Fonepay Credit Card users. This offer provides a fantastic opportunity for customers to experience the convenience and benefits of the Citizens Fonepay Credit Card.

Ganesh Raj Pokharel, CEO of Citizens Bank expressed his excitement about the launch, stating, “We are delighted to partner with Fonepay and launch Nepal’s first virtual credit card which can be used to Scan and Pay at Fonepay Merchants, a strategic move that will revolutionize the way our customers handle credits and payments. This innovative solution is a testament to our commitment to offering cutting-edge, customer-centric financial products. In an increasingly digital world, we believe that convenience, security, and flexibility in financial transactions are more important than ever. At Citizens Bank, we have always been driven by innovation, and this milestone strengthens our position as a leader in Nepal’s banking sector. We are committed to continuing this journey of digital transformation, ensuring that our customers benefit from the most advanced financial solutions available.”

Diwas Kumar, CEO of Fonepay added, “At Fonepay, we are deeply committed to enhancing the user experience and thrilled to introduce a product that truly stands out in the industry —Nepal’s very own virtual credit card. Fonepay’s virtual credit card is Nepal’s very own card scheme providing digital experience to customers.  With credit card penetration in Nepal below 2%, our virtual credit card fills a critical gap, offering instant access and connectivity to a wide network of merchants, from local vendors to major retailers. This isn’t just a product launch, it’s about creating a flexible, adaptive solution tailored to the evolving needs of Nepali consumers, and building a more inclusive, interconnected financial ecosystem that empowers both consumers and businesses in the digital age.”

About Fonepay Credit Card

This Card scheme is a fully functional digital first card solution that empowers cardholders with unparalleled convenience, flexibility, and control over their credit card functionality. This card scheme facilitates a wide array of digital transactions across the Fonepay network where customers can make QR payments, online or e-commerce payments, and leverage advanced features like seamless EMI conversion.

The Fonepay Credit Card empowers customers by providing seamless onboarding and delivery of the card within a few seconds in their mobile banking apps.  Customers can benefit from the new and advanced features of the Fonepay card enhancing their full control over card management, limit control, statement delivery, and many more. setting it apart from conventional payment cards.

About Fonepay: 

Fonepay is the largest Payment System Operator in Nepal Licensed and regulated by the Central Bank of Nepal (Nepal Rastra Bank). A subsidiary of the F1Soft Group, Fonepay is an ISO 27001:2013 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 as well as businesses. The company is focused on bringing innovations to the mobile payment network through the usage of technology to achieve greater efficiency in operations and widen the reach of payment systems.

About Citizens Bank:

Citizens Bank International Limited, established in 2007, has grown into a reliable financial institution with 198 branches and 162 ATMs across Nepal. The bank’s mission is to provide trustworthy financial solutions to both individuals and institutions, while its vision is to be recognized for service excellence.

As the bank looks toward a digital future, its five core values guide the transition:

1. Customer Focus: Digital innovations will meet customer needs more efficiently, offering seamless online financial solutions.
2. Service Excellence: Technology-driven services will enhance customer experience, ensuring convenience and satisfaction.
3. Human Resource: Skilled professionals will be empowered to deliver digital solutions and adapt to technological advancements.
4. Corporate Governance: Digital platforms will enhance transparency and ethical business practices.
5. Social Responsibility: The bank will contribute to national development through digital financial inclusion, extending access to remote areas via branchless banking.

Digitalization will help Citizens Bank achieve its mission and vision by delivering innovative, customer-focused solutions.

For more: Nepal’s First Locally Developed Credit Card