Fonepay and GLN International have started a collaboration to start cross-border Nepal-South Korea payments. The move enables citizens from S. Korea to make payments while in Nepal via their smartphones.
On Wednesday, March 27, both companies signed a MoU to work on the Nepal-Korea cross-border payment service. The two entities will proceed to explore the regulatory, technical, and commercial aspects of this milestone cross-country QR transaction system.
“Fonepay is thrilled to announce the signing of an MOU with GLN International Inc., a global payment network provider company in Korea, to explore opportunities to integrate its system and provide cross-border QR payment between Korea and Nepal,” Fonepay announced.
With the Nepal-South Korea cross-border payment, South Korean citizens in Nepal will be able to make QR payments in Nepal simply using smartphones. To make electronic mobile transactions, South Korean nationals can use Hana 1Q, KB Wallet, iMbank, Toss, Hana Money GLN App, etc. Through these apps, Koreans can pay at 1.3 million Fonepay QR-enabled stores across Nepal.
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Nepal-Korea Cross-Border Payment
“In line with our commitment to delivering cross-border payment services worldwide, GLN is excited to embark on this collaborative journey with Fonepay,” the release quoted the CEO of GLN, Kyungho Kim as saying. “This strategic partnership not only underscores our dedication to expanding into new territories but also reinforces our mission to provide innovative payment solutions that transcend borders.”
CEO of Fonepay Mr. Diwas Kumar reportedly said, “We are thrilled to be collaborating with GLN to expand our services among the Koreans and is aligned with our international expansion drive in the recent times. This collaboration will help use technology to unlock new opportunities, enhance financial inclusion, and contribute to creating a thriving digital economy in Nepal.” Check out: Top 5 Digital Wallets in Nepal: Updated (2024)
Prior to this, GLN has already tapped its footing into Thailand, Laos, Vietnam, Singapore, Cambodia, Japan, Hong Kong, and Taiwan. The collaboration with Fonepay hints at its ambitions in Central Asia and other Asian regions.