Everest Bank has launched Fonetag, the first-of-its-kind feature to enable offline digital payment for its customers on their NFC-supported smartphones. The commercial bank launched the innovative solution in collaboration with Fonepay, Nepal’s leading payment system operator.
FoneTag is an offline digital payment solution that allows performing merchant payments by executing an NFC tag or using a CPQR code (customer-presented QR code) from their mobile banking app “M-Banking (EBL Touch-24)”. The solution helps with offline payment, which is beneficial in areas not covered by a cellular network.
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Transaction limit
At the moment, Everest Bank has imposed a limit on its newly-launched NFC-based Fonetag offline payment. Users can make payments of up to Rs 5000 a session.
All the users of the mobile banking app of Everest Bank can use this service. The Fonetag feature of Everest Bank is available for smartphones with NFC. However, phones without NFC can use the CPQR code to perform offline payments.
Everest Bank states that it is the first bank in Nepal to introduce such a mode of offline payment. The service is expected to promote financial inclusion as it allows digital transactions even in rural areas that have limited to no access to mobile networks. Similarly, in urban areas, the feature allows cashless, contactless payments during public events, fairs, and exhibitions. For the bank’s customers who are weary of using public WiFi hotspots, this service is an ideal choice because of its offline payment solution.
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“A new dynamism and customer convenience”
Ashutosh Sharma, Deputy General Manager of Everest Bank shared his excitement at the launch of the Fonetag. He said, “Through this service, Everest Bank has added new dynamism to customer convenience and undertaken the much-needed customer-centric approach to address one of the prominent issues in digital payments. FoneTag’s seamless integration into our banking ecosystem empowers our customers to embrace a secure and convenient digital payment experience, underscoring Everest Bank’s dedication to staying at the forefront of technological advancements. We are excited to embark on this journey with Fonepay and bring a new era of effortless and secure transactions to the forefront of banking in Nepal.”
Diwas Kumar Sapkota, CEO of Fonepay, shared similar enthusiasm. He said. “Fonepay is proud to launch its groundbreaking offline digital payment solution, Fonetag, aligning with our commitment to innovation and convenience. We extend our heartfelt gratitude to Everest Bank for joining hands with Fonepay to introduce the revolutionary offline payment solution in Nepal. This collaboration exemplifies the power of unity and shared vision, and we look forward to collectively shaping a cashless future that benefits individuals and businesses across the nation.”
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The newly-launched service also comes with a cashback offer. Users who perform offline payments will get up to 20% or Rs 500 cashback at FoneTag merchants.
The bank has requested its users and merchants to visit their nearest branch to understand more about this service and leverage the advantage of its cutting-edge technology that enables offline transactions on mobile phones.