Kathmandu, September 8
Fonepay Payment Service, Nepal’s largest payment network, and NPCI International Payments Ltd (NIPL), the international arm of the National Payment Corporation of India, have launched the inaugural cross-border QR payment service between Nepal and India.
The agreement was signed at the Global Fintech Fest 2023, a global gathering of fintech visionaries, thought leaders and innovators.
The collaboration between Fonepay and NIPL will empower millions of citizens in both nations to securely and conveniently make instant payments through QR codes at various stores, using the mobile application certified by Fonepay and NPCI.
Both companies have completed their operational preparations, with technological integration now in its final stages. Following this, the companies will be ready to offer the service to their issuing and acquiring members, enabling consumers and merchants to enjoy the benefits of this service.
There is a belief in both countries that the strategic partnership between the two companies will significantly enhance the digital payments ecosystem in both countries and serve as a pivotal milestone for expanding their presence in the international market.
“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,” said the chair of Fonepay and President of F1Soft Group, Biswas Dhakal.
Speaking on the same occasion, NIPL representatives 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.”
