- Fonepay and NPCI have announced collaboration to launch a Cross Border QR Payment solution between Nepal and India at the Global Fintech Fest 2023.
- The collaboration will enable citizens of both nations to scan and pay through QR code across various merchants by using the mobile app certified by Fonepay and NPCI.
- They have completed operational preparations and technological integration is in the final stage.
- The partnership will enhance the digital payments’ ecosystem in both countries and facilitate the growth of trade, tourism, and economic ties.
- The initiative is a significant step towards improving financial connectivity between Nepal and India by leveraging technology for the benefit of the people.
Fonepay Payment Service Ltd, Nepal’s Largest Payment Network and NPCI International Payments Ltd (NIPL), the international arm of the National Payment Corporation of India have announced collaboration to launch the first Cross Border QR Payment service between Nepal and India.
This historic announcement was made at the Global Fintech Fest 2023, a global gathering of fintech visionaries, thought leaders and innovators.
This collaboration between Fonepay and NIPL will enable millions of citizens of both countries to scan and pay through QR code across various merchants by using the mobile apps certified by Fonepay and NPCI.
Both companies have now completed operational preparations and are in the final stage of technological integration 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 can be expected to improve the digital payment ecosystem in both countries and be a stepping stone for wider reach in the international market.
From heads of Fonepay & NPCI about the Cross-Border QR Payment Solution
Biswas Dhakal, Chairperson of Fonepay and President of F1Soft Group 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.Biswas Dhakal, Chairperson of Fonepay and President of F1Soft Group
Meanwhile, the CEO of F1Soft Group, Subash Sharma, shared his excitement on twitter about the launch of the cross border QR payments between India and Nepal.
Likewise, as per the joint press-release issued by Fonepay & NPCI about the cross-border payment solution, NPCI 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.