Fonepay and NIPL coming up with cross border QR code-based payment solution between Nepal and India
Kathmandu, September 7, 2023 – Fonepay Payment Service Ltd, Nepal’s Largest Payment Network and NPCI International Payments Ltd (NIPL), the international arm of the National Payments Corporation of India, are now ready to launch the first QR code-based payment solution 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.
This collaboration between Fonepay and NIPL will empower millions of citizens of both nations, to securely and conveniently make instant payments through QR code 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 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 considerable boost to the digital payments' ecosystem and will prove to be a major steppingstone 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 innovation in the fintech space and strengthen bonds between our nations. Under this partnership UPI powered Apps will be enabled for seamless cross-border merchant payments, to enhance the way people transact. We envision this partnership as a catalyst for greater financial inclusion and economic prosperity in the region, and are excited to embark on this journey of transformation together with 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 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 the partner banks and wallets. Fonepay is a subsidiary of the F1Soft Group.
For more information, visit: https://fonepay.com/
NPCI International Payments Limited (NIPL), an international arm of NPCI is devoted for 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 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, consulting for building real-time payment system. 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/
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