The Fonepay Network, owned and operated by F1Soft International Pvt. Ltd is Nepal’s largest mobile payment network. Fonepay Direct, one of the features provided by Fonepay Network, allows users to send or receive money directly through the member bank’s mobile banking app. This minimizes the need for people to be physically present in the bank for transferring money between accounts.
This function does not only help people in maintaining social distancing by not requiring to go to two banks for transfer of money (withdrawing from one and depositing into another); it also helps people save time by making fund transfer possible in just a few clicks. While the lockdown continues to extend, people have started preferring the digital platforms in their day to day lives. Fonepay direct has helped in making people’s life more convenient in this strict confinement at homes.
How to use Fonepay Direct in Mobile Banking?
Mobile banking allows users to carry out banking transactions via phone apps. To activate the mobile banking service, the users have to download the mobile banking app of the bank in which the user holds an account.
After downloading the application, the user is required to tap on ‘Activate Service‘. Users should then provide their Mobile number and Account number. If matched, an activation code will be received in the mobile number which the user must enter to activate the service.
After this, you can follow the following steps to transfer the fund from your bank account quickly.
- Log in to respective Mobile Banking App
- Tap on ‘Send Money.’
- Tap on ‘To Recipients’ Mobile Number’ (Fonepay Direct)
- Fill in the Amount, Recipient’s Mobile Number, Bank and remarks
- Verify the Recipient’s details on the pop-up and tap ‘Confirm.’
- Enter your four-digit Transaction PIN/ Fingerprint and Tap Submit
- ‘Transaction complete’ confirmation will be shown on screen. To download the transaction details, you have to tap on the pdf icon.
What’s special about Fonepay Direct?
Although there are other alternatives available such as sending money to the Recipient’s account number, Fonepay Direct allows users to process the transaction conveniently and in a straightforward way just by using the recipient’s mobile number. This option also facilitates users in verifying the recipients’ detail in a better way. This is what Fonepay direct is trying to change. It makes the transaction a lot easier when we don’t have to remember account numbers and we can transfer through phone numbers.
We can expect more handy and fascinating features and tools in the future. As we can make secure bank transactions just by mobile numbers we don’t have to bother about the account number, branch details, account holder’s spelling, etc. Fonepay will connect everything based on the user’s phone number.
A similar bank transfer service was previously brought by Connect IPS. For connectIPS, you will need the Account Number, Account Holder’s name, Branch details, and many more. With Fonepay direct, you just need the name of the bank and phone number registered on that account.
Fonepay direct is available for Fonepay member bank’s mobile banking app along with eSewa. Recently Everest bank and Century bank joined the Fonepay network and more banks are expected to join the network for better convenience of the customers. There are currently more than 45 banks in the network.
Benefits of Fonepay Direct during Lockdown
The main objective of digital financial services (DFS) is to make transactions cashless. There is a high chance of spread of the virus through paper money. So using digital transactions helps to avoid crowds, which directly contributes to minimizing the spread of COVID-19 pandemic. Ease, security, and simplicity of the digital services add value to them in terms of providing better customer service. During the lockdown, Fonepay direct offers significant value to banking customers as it people can avoid going out to do transactions that can be done using an app on the phone. Fonepay direct not only helps people follow the lockdown and still do financial transactions, but it also provides safety and dependability to users.
So concerning the valuable time and your physical health be sure to use mobile banking by downloading the app from the play store or App store if you haven’t and conduct smooth and secure transactions from your home. Stay home, stay safe.
Do you use your Bank’s Mobile Banking App? Have you used Fonepay Direct during the lockdown? Share your experience in the comment section below.