Fonepay Payment Service, Nepal’s payment network and NPCI International Payments Ltd (NIPL), the international arm of the National Payments Corporation of India, plan to launch the first QR code-based payment solution between Nepal and India.
This historic unveiling took place at the Global Fintech Fest 2023. This collaboration between Fonepay and NIPL will empower citizens of both nations, to make instant payments securely and conveniently through QR codes 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 the 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.
Chairperson of Fonepay and President of F1Soft Group, 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.”
NIPL noted, “This initiative signifies our commitment to innovation in the fintech space and strengthens 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 is licensed by NRB as a Payment System Operator (PSO).
NPCI International Payments Limited (NIPL), an international arm of NPCI is devoted to the deployment of NPCI’s indigenous, successful Real-Time Payment System – Unified Payments Interface (UPI) and Card Scheme – RuPay, outside of India. NPCI has developed and proved its product and technological capabilities in the domestic market by transforming the payment segment in India.