At the Global Fintech Fest 2023, Fonepay Payment Service Ltd, Nepal’s largest payment network, and NPCI International Payments Ltd (NIPL), the international wing of the National Payment Corporation of India, revealed their collaboration effort to introduce the first-ever Cross-Border QR Payment service connecting Nepal and India.
Cross-Border QR Payment between Nepal and India (Highlights):
- Cross-Border Payment Collaboration: Fonepay and NPCI have partnered to create a Cross-Border QR Payment solution, fostering financial connectivity between Nepal and India.
- Seamless Mobile Payments: This partnership will enable citizens of both nations to conveniently scan QR codes and make payments at various merchants using certified mobile apps provided by Fonepay and NPCI.
- Operational Preparations Complete: The groundwork process is already complete, with technological integration now in its final stages. Soon, both companies will offer the service to their issuing and acquiring members, benefiting consumers and merchants.
- Boosting Digital Payments: The collaboration aims to enhance the digital payment ecosystems in Nepal and India, promoting trade, tourism, and stronger economic ties.
- Technological Advancements: Leveraging technology, this initiative demonstrates a commitment to innovation and greater financial inclusion, ultimately fostering economic prosperity and development in both countries.
Biswas Dhakal, Chairperson of Fonepay and President of F1Soft Group, expressed confidence in the project’s ability to bolster relations between Nepal and India, driving growth in trade, tourism, and economic prosperity.
Subash Sharma, CEO of F1Soft Group, shared his excitement on Twitter about the launch of the cross-border QR payment service.
NPCI, along with Fonepay, emphasized that this partnership will play a crucial role in making sure more people have access to financial services and that it will help both countries’ economies grow. This collaboration is like a strong glue that brings Nepal and India closer together.
Conclusion- The collaboration between Fonepay and NPCI marks a significant milestone in the world of cross-border payments, demonstrating a commitment to technological innovation, financial inclusion, and strengthened ties between Nepal and India. As the final technological integrations and complete, citizens of both countries can look forward to a seamless and efficient cross-border payment experience.
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