Fonepay Breaks Records: Over 1 million+ QR transaction in Single-Day
Nepal’s journey towards digital payment has reached an extraordinary milestone! Fonepay, working hand in hand with its partnered banks and financial institutions, has achieved a record-breaking achievement—processing over a million merchant QR payments in a single day. On March 30, 2025, a remarkable 1,002,702 merchant QR payments, amounting to Rs. 26.28 billion (2.62 Arba), were processed in just one day. Among these transactions, UPI payments from Indian customers had also contributed to this milestone. This milestone reflects not only the evolution of Nepal’s payment landscape but also the increasing trust in digital transactions for everyday business across the country.
Nepal Rastra Bank role on digital payment growth
Nepal Rastra Bank (NRB) has played a crucial role in shaping the country’s digital payment landscape. Under the visionary leadership of Governor Maha Prasad Adhikari, NRB has introduced a range of progressive policies that have catalyzed the transition from traditional cash-based transactions to a more efficient, secure, and inclusive digital economy. The introduction of initiatives like the UPI payment acceptance service, in collaboration with NPCI International Payments Limited (NIPL) and several local financial institutions, has significantly enhanced the ease and accessibility of digital payments. This initiative, in particular, has been a significant milestone for Indian tourists, who can now seamlessly make payments for offerings, donations, and other services at various locations, including popular sites like Muktinath Temple, using their UPI-enabled apps.
NRB's commitment to advancing the country's financial infrastructure goes beyond UPI. The central bank has actively promoted the adoption of QR code payments, further contributing to Nepal’s digital transformation. By facilitating the integration of QR payment systems into the banking sector, NRB has empowered thousands of merchants across the nation, from small-scale vendors to large businesses, enabling them to accept cashless transactions. A notable example of this transformation is the Naxal Tarkari Bazaar, where merchants embraced QR payments in December 2020. This transition not only supported post-pandemic recovery efforts but also laid the groundwork for a more resilient, cashless economy.
Partner BFIs Pivotal Role
Fonepay’s partnered banks and financial institutions have played a crucial role in accelerating Nepal’s digital payment revolution. By seamlessly integrating Fonepay’s QR payment system into their mobile banking apps and digital wallets, these banks and digital wallets have empowered millions of users with instant, convenient and secure digital transactions. For example, BFIs has enabled its customers to make effortless payments via QR codes, simplifying cashless transactions across the country. Similarly, launching FoneTAG, an offline digital payment solution that allows merchant payments even in areas with limited or no internet connectivity in mobile banking apps. In addition to these innovations, Fonepay also launched Nepal’s first virtual credit. Fonepay Credit Card, allowing users to make secure online transactions without a physical card in partnership with its BFIs. Moreover, Fonepay’s integration with India’s National Payments Corporation of India (NPCI) with the support of its partnered banks, has enabled cross-border UPI payments, allowing Indian tourists to make easy payments via UPI-enabled apps while visiting Nepal. With over 1.7 million merchants and 20 million users, Fonepay has created a comprehensive digital payment ecosystem that promotes financial inclusion, streamlines payments, and accelerates Nepal’s cashless economy. Businesses can easily register as merchants, receive a unique QR code, and accept real-time payments, boosting their reach and efficiency in the growing digital marketplace.
For more information and to register as a Fonepay merchant, visit Fonepay Business
The Future of Digital Payments in Nepal
The future of digital payments in Nepal is poised for exponential growth, driven by increasing smartphone adoption, internet access and a shift toward cashless transactions. With innovations like open banking, blockchain, and AI, digital payments will redefine convenience, security, and inclusivity for consumers and businesses alike.
