Citizens Bank has launched Fonepay Credit Card, a virtual credit card scheme in Nepal that’s set to redefine the digital payment landscape in the country. As per Fonepay, this eagerly awaited digital payment service is ready for commercial use by the bank’s customers. The Fonepay Credit Card service is available on the Citizens Bank’s mobile banking app.
It’s noteworthy that Citizens Bank is the first bank in Nepal to have launched such a service for its customers. Fonepay says that the Virtual Credit Card service by Citizens Bank will redefine the payment card industry and customer experience.
Also read: Fonepay And NIPL Bring Nepal-India Cross-Border Payment
What is the Fonepay Credit Card?
The Fonepay Credit Card is a virtual digital credit card that facilitates customers to make payments on their smartphones. It’s available via the bank’s mobile banking application.
It’s an innovative digital credit card solution that empowers cardholders with unmatched convenience and control over their credit card capabilities. Streamlining the functions, users can avail of its payment facilities on the go on their mobile banking app. The service gets a sizeable convenience due to Fonepay’s overwhelmingly large network of banks and financial institutions (BF/Is). Fonepay enables users to perform QR payments, and online shopping payments, and leverage advanced features such as EMI conversion for instance.
Advantages of the Fonepay Credit Card service by Citizens Bank
Besides, the innovative service can be availed of within seconds from the mobile banking app while the seamless onboarding is another hallmark of this excitingly new digital banking experience. In addition to the above-mentioned ones, the virtual credit card lets users assume full control over their card management, limit control, statement delivery, etc. making it distinctly useful from the traditional payment cards.
“democratizing the credit …”
“We are excited to introduce the Fonepay Credit Card Scheme as the latest addition to our suite of digital payment solutions,” said Diwas Kumar, CEO of Fonepay. Our mission has always been to prioritize customers and this new product embodies that commitment. With the aim of democratizing credit, we’re ensuring that credit access is within reach of all. For merchants, this means a boost in business and a cost-effective solution. Since this is a domestic scheme, we will also be saving millions for the economy as we lead the charge towards a more inclusive and prosperous financial future for all Nepalese.”
Similarly, Kumar concluded, “Fonepay extends its gratitude and congratulations to Citizens Bank for placing their trust in our solution and for being the FIRST bank in Nepal to introduce Nepal’s own Virtual Card Scheme.”
As Nepali banks strive for more digital banking services, more innovations will be on their way to the end customers. While they will nurture and enhance the customer experience, the national economy will also get a push. There is a practice of emulating similar innovative services by other banks after one launches it. Therefore, after Citizens Bank, it’s likely that other banks will also follow suit and launch their own version of it which should only be welcome news.
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