TLDR: Three-point highlights
- With FoneTAG, customers can pay merchants by showing a NFC tag or a CPQR code from their mobile banking app, even if they have no internet access.
- FoneTAG can be used for transactions up to Rs. 5000 per transaction.
- Customers can get cashbacks of 20% up to Rs 500 while using FoneTAG.
Everest Bank, a joint venture partner with Punjab National Bank India, has launched FoneTAG, the first of its kind offline digital payment solution in the Nepali market in collaboration with Fonepay, Nepal’s largest digital payment network. FoneTAG enables customers to make merchant payments by presenting NFC tag or a CPQR code (customer presented QR code) from their mobile banking app even in areas with limited or no internet connectivity. The service is available for all Everest Bank customers through their mobile banking app from today.
FoneTAG is an innovative payment solution that addresses one of the major challenges of digital payments in Nepal: poor internet connectivity.
With FoneTAG, customers can make offline transactions up to Rs. 5000 per transaction without any hassle. The service works on Android phones that have NFC feature. Mobile phones that do not have NFC can use CPQR code (customer presented QR code). FoneTAG is compatible with all Fonepay merchants across Nepal, making it easy for customers to pay for goods and services at various outlets.
Ashutosh Sharma, Deputy General Manager of Everest Bank, expressed his excitement on the launch of FoneTAG, saying,
This service gives our customers more convenience and addresses one of the main issues in digital payments. FoneTAG integrates well with our banking system and helps our customers enjoy a secure and easy digital payment experience. Everest Bank is committed to staying ahead of technology and innovation. We are glad to work with Fonepay and start a new era of simple and safe transactions in banking in Nepal.Ashutosh Sharma, Deputy General Manager, Everest Bank
Likewise, Diwas Kumar Sapkota, CEO of Fonepay, said,
Fonepay is proud to launch its new offline digital payment solution, FoneTAG, which shows our dedication to innovation and convenience. We thank Everest Bank for working with Fonepay to bring this new offline payment solution to Nepal. This collaboration shows the power of unity and shared vision, and we look forward to create a cashless future that helps individuals and businesses across the country.Diwas Kumar Sapkota, CEO, Fonepay
Everest Bank is the first bank to launch a digital payment solution that works in a completely offline mode. This can increase the use of digital payments even in small towns and rural areas with poor network connectivity, while in the urban areas, it can enable cashless payments during large public events, fairs and exhibitions and even to those customers who do not want to activate mobile data or connect to public Wi-Fi service.
As an introductory offer, customers can get cashbacks of 20% up to Rs 500 when they use FoneTAG at various merchant outlets.
Customers and merchants can contact Everest Bank to learn more about the service in detail and explore the benefits of this advanced offline payment service.