3rd May 2024, Kathmandu
PhonePe India today showcased its services powered by the Unified Payments Interface (UPI) platform at a special event held in Kathmandu, Nepal.
The event brought together key stakeholders from the Nepalese financial landscape, including senior representatives from Banking sectors, Payment System Providers, UPI accepting merchants and representatives from business associations.
The event was supported by Nepal’s largest payment system operator Fonepay payment Service Limited which is also NIPL’s counterpart for Nepal.
The event saw a keynote address from Diwas Sapkota, CEO of FonePay Network, outlining the potential of UPI for Nepal’s digital economy. This was followed by an engaging panel discussion on the Influence of cross-border payments on Nepal’s economy and the financial landscape. The panel included esteemed panelists like Anish Tamrakar – Chief Digital Banking Officer, Kumari Bank, Shradha Shrestha – Manager, Nepal Tourism Board, Jagdish Khadka – CEO, eSewa, and Vivek Rana – ICT/MIS Consultant, Asian Development Bank (ADB). The panel discussion addressed a range of issues related to cross-border payments and their impact on Nepal’s economy and financial landscape as well as regulatory hurdles and compliance demands in facilitating international transactions. The panelists highlighted the positive influence of UPI on Nepal’s tourism sector, particularly by enhancing the overall tourist experience through convenient cashless payments. The discussion further explored how cross-border payments impact the revenue streams and business models of financial institutions. Additionally, panelists examined the influence of UPI on consumer experience in Nepal, focusing on factors like convenience, interoperability, security, and cost-effectiveness. Finally, the conversation delved into the broader macroeconomic implications of cross-border payments through alternative payment methods impacting underserved small and medium scale entrepreneurs.
PhonePe UPI-powered Payments Nepal
The program culminated in a product showcase led by Ritesh Pai, CEO of International Payments, PhonePe. His presentation provided a comprehensive overview of PhonePe’s journey, highlighting its evolution. The presentation also delved into how PhonePe, powered by UPI fosters a thriving ecosystem, driving the democratization of payments across India. This was followed by a demonstration of solutions that benefit both Indian tourists and Nepalese merchants. Drawing parallels with the Indian market success story, the presentation illustrated how PhonePe can replicate this success in Nepal.
Nepal is a very popular destination among Indian visitors who can now use UPI to pay at various tourist spots, retail stores, religious sites, and other popular locations. Users simply need to scan QR codes from their preferred UPI-enabled app at merchant locations who are enrolled in Fonepay QR scheme in Nepal.
This is facilitated through Fonepay’s partnership with NPCI International Payments Limited (NIPL). Through this partnership, Fonepay has enabled QR-code-based payments across payment service providers, leading banks and wallets , allowing Indian travelers to use UPI for transactions.
Additionally, going forward shortly, tourists and visitors from Nepal traveling to India will be enabled to utilize their financial instruments like wallet-based apps to scan the UPI QR code and make payments effortlessly.
Speaking on the sidelines of the event, Ritesh Pai, CEO International Payments, PhonePe, said, “We’re thrilled to be showcasing services powered by UPI in Nepal. This gathering has brought together key players from Nepal’s financial landscape, including Fonepay, leading business figures, and representatives from hospitality and tourism. It’s a testament to the collaborative spirit that will ensure UPI’s success in Nepal.
We are thankful for their presence and participation today. Nepal is a popular tourist destination, particularly for travelers from India. With UPI, Indian tourists can now enjoy the same convenient cashless payment experience they’re accustomed to back home, using UPI powered apps such as PhonePe. This will not only enhance their travel experience but also encourage digital transactions.”
Addressing the event, Diwas Kumar, CEO Fonepay Nepal, said, “This is a moment of immense pride and joy for Fonepay Payment Service Ltd. Our 4 years of journey to bring cross border payments in Nepal is finally successful and UPI payment is Live in Nepal.
As we introduce UPI payments in partnership with NPCI International, and welcome PhonePe to Nepal, we see a future where smooth digital transactions boost economic growth and financial inclusion, benefiting merchants and businesses.
We extend our heartfelt gratitude to the regulators, government agencies for their invaluable support, recognizing innovations and supporting private sector efforts in facilitating Nepal’s journey towards digital transformation. We urge authorities to foster an ecosystem that embraces and supports innovations, promote partnership with private sector players in technological advancements and bring state of art products and services to Nepalese consumers “
About PhonePe Group:
PhonePe Group is India’s leading fintech company. Its flagship product, the PhonePe digital payments app, was launched in Aug 2016. In just 7 years, the company has scaled rapidly to become India’s leading consumer payments app with 520+ million registered users and a digital payments acceptance network of 38 million merchants. PhonePe also processes 230+ million daily transactions with an annualized Total Payment Value (TPV) of USD 1.5+ Trillion.
On the back of its leadership in digital payments, PhonePe Group has expanded into financial services (Insurance, Lending, Wealth) as well as new consumer tech businesses (Pincode – hyperlocal e-commerce and Indus App Store – India’s first localized App Store). PhonePe Group is an India headquartered technology company with a portfolio of businesses aligned with the company’s vision to offer every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services.
About FonePay:
Fonepay is the largest Payment System Operator of Nepal Licensed and regulated by 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.
For more details: PhonePe UPI-powered Payments Nepal