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Fonepay records Rs 25 crore transaction over UPI payment

Fonepay has settled the transaction volume of over Rs 25 crore (Rs 250 million) over the unified payment interface (UPI). The encouraging figure highlights the efficacy and the justification of the cross-border India-Nepal payment that began in February 2024.

Fonepay recorded the towering transactions after various mobile banking apps and digital wallets started integrating Fonepay QR-enabled merchant payment over UPI.  

Mobile wallets such as eSewa and Khalti, and various smart mobile banking apps allow their merchants to receive payments from visiting Indian tourists.

Fonepay says that the record Rs 25 crore transactions were processed over UPI across 77 districts over 1 lakh payment sessions.   

“The rapid adoption of UPI payments in Nepal is evidence of the growing demand for convenient and secure digital payments,” said Diwas Kumar, CEO at Fonepay. “We are thrilled to play a key role in this digital transformation and empower both Nepali citizens and Indian visitors with seamless payment options.”

Also read: Fonepay to launch wallet-to-wallet money transfer in a month

Fonepay leads UPI payment in Nepal with Rs 25 crore transactions in 4 months

Many Indian travelers visit Nepal to explore its rich cultural diversity, heritage, and natural beauty as well as escape the hot summers in their home country. After arriving in Nepal, they don’t need to bother about currency exchanges. UPI payments allow them to make payments electronically elevating their travel experience.  

The convenience, security, and immediacy of UPI payments through Fonepay have greatly benefited Indian tourists.

Fonepay has evolved into leading UPI payments in Nepal with a strong bank and financial institutions (BFIs) network. As of now, 80% of Nepal’s QR acceptance infrastructure can accept UPI transactions on the Fonepay network.

Also read: PhonePe unveils UPI payment in Nepal

Fonepay’s QR payment rails have unlocked UPI acceptance across all 77 districts of Nepal.

For the future, Fonepay seeks to enable UPI payments in India for Nepali citizens. The company is currently waiting for approval from Nepal Rastra Bank (NRB) to unlock this cross-border transaction facility for Nepalese in India.

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