Fonepay Payment Service Ltd, Nepal’s Largest Payment Network and NPCI International Payments Ltd (NIPL), the international arm of the of the National Payment Corporation of India, is now ready to launch the first Cross Border QR Payment 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.
Seamless Payments Across Stores Using QR Codes
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 a considerable boost to the digital payments’ ecosystem in both countries and will prove to be a major steppingstone for wider reach in the international market.
Enhancing Connectivity and Fostering Prosperity
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.”
Commitment to Fintech Innovation and Collaboration
Speaking on the same occasion, NIPL 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.”