Fonepay achieves significant milestone – NPR 10 billion+ transactions settled on a single day
Lalitpur, 19th October 2023
Fonepay, Nepal's largest payment Network has created a historical milestone by successfully processing retail payment transactions worth over NPR 10 billion on a single day. This remarkable achievement occurred on October 17, 2023, highlighting a significant milestone for Fonepay and for the entire fintech ecosystem in Nepal.
Fonepay is relatively a very young company. The journey of processing over 10 billion worth of transactions on a single day is not an overnight success. Since its operation in 2019, Fonepay has consistently been striving ahead in terms of innovation, impact and infrastructure. Getting almost all the Banking & Financial institutions on board seemed like a daunting task ahead but Fonepay made it happen in the first year of its operation, which paved the way for this achievement.
When it comes to introducing QR technology for the first time in Nepal, Fonepay ensured the development of a merchant-friendly system, taking into consideration both the cost and operational aspects in comparison to traditional point-of-sale (POS) infrastructure. Fonepay has always been a first mover, not only in the context of introducing new features but also executing them. Today Fonepay is the industry leader holding a major market share of 99% in the P2M (Person to Merchant Payments) and 62% in P2P (Person to Person Payments) segment in Nepal. Achieving such market dominance while adhering to compliance and regulatory requirements in such a short time shows the growth mindset of a company and its continuous effort to provide the users- simple, secured and instant payment solutions.
In response to this achievement, Fonepay's CEO Mr. Diwas Kumar expressed his enthusiasm saying “We are incredibly proud of this milestone. Our collective mission to empower digital payments in Nepal is truly bearing fruit. We will continue to innovate and expand our solutions to meet the evolving needs of the consumers. I take this opportunity to extend my gratitude to our partners and regulator for the trust and confidence they have placed on us”.
Through its enormous ability of handling more than NPR 10 billion+ transactions in a single day, the company has made a huge impact on Nepal's digital payments transformation. As a result of continually improving its services and adding new features, Fonepay has emerged as the most preferred option for customers looking for seamless payment experiences.
