Fonepay, Nepal’s largest QR digital payment network has reached a deal with NPCI International Payments Ltd (NIPL), an international arm of the National Payment Corporation of India to launch the milestone Nepal-India cross-border payment. The historical initiative was announced at the Global Fintech Fest 2023, a fintech gathering that brings leaders, experts, and innovators from the industry under one roof.
The cooperation will benefit the millions of people across the Nepal-India borders. Once launched, nationals from both countries will be able to pay through a QR code at stores certified by the ISO-certified Fonepay and NPCI. Users will use mobile apps such as digital wallets and mobile banking apps to make payments.
The Nepal-India payment is nearing its launch. It was revealed at the fintech event that both Fonepay and NPCI have completed preparations and integration is in the final process. So, soon, the companies will be offering their electronic payment services to their customers and merchants.
The payment mode will strengthen the digital payment ecosystem between both countries and will be a key steppingstone for wider reach in the global market.
A milestone deal!
Chairperson of Fonepay and President of F1Soft Group, Mr. Biswas Dhakal, 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.”
Speaking on the same occasion, NIPL 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.”
Also read: Fonepay and LankaPay Sign MOU to Establish Crossborder Interoperable Payment System
Cross-border Nepal-India payment
The cross-border payment allows citizens from both Nepal and India to make payments across the country. While in India, Nepalese will be able to pay using mobile wallets such as eSewa, Khalti, and mobile banking apps. Likewise, Indians while in Nepal will be able to pay using Paytm, PhonePe, Google Pay, etc. in an interoperable network. They can also use Fonepay QR or other codes for payment.
However, Nepalese will need to wait a bit as Nepal Rastra Bank is issuing a directive which only after, will allow the citizens to pay in India.