Nepal’s leading payment system operator (PSO) Fonepay has partnered with Employee Provident Fund Nepal (EPF or Karmachari Sanchaya Kosh in Nepali) to facilitate customers with digital loan payments. The collaboration enables an API-based Host-to-Host (H2H) payment.
The cooperation binds the EPF-operated ERP system to Fonepay’s payment allowing B2B, B2G, and B2C corporate payments. Additionally, it enables EPF to receive payment from loanees through Fonepay’s interoperable biller platform.
Darshan Bhattarai, Acting Chief Manager of Employee Provident Fund, remarked: “The collaboration with Fonepay is a strategic move to modernize our financial services. Enabling digital payments for EPF loans will streamline the process for our members, making it faster and more accessible. This partnership reflects our commitment to adopting innovative solutions that benefit our contributors.”
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Fonepay, Employment Provident Fund partners for digital loan payment
This strategic partnership lets EPF members make payments easily for their provident fund loans through various digital platforms including mobile banking apps, internet banking, and Omni Channel platforms.
Likewise, the H2H payment integration represents an innovative digital payment infrastructure that facilitates corporate payments, enhancing efficiency and streamlining financial processes.
“This partnership with Employee Provident Fund Nepal marks a significant advancement in our mission to enhance financial accessibility and efficiency for users,” said Diwas Kumar, CEO of Fonepay. “By integrating our digital payment solutions, we’re not just offering convenience to the users – we’re actively contributing to the Digital Nepal vision. This collaboration underscores our commitment to making financial services more accessible and user-friendly for all Nepalis. We also aim to introduce many innovative payment solutions through this partnership.”
It’s a new landmark partnership for Fonepay as the F1Soft brand continues to widen its array of digital payment services in Nepal.