First international QR payment service is unveiled by Fonepay and NIPL

The first cross-border QR payment service between Nepal and India has been launched by NPCI International Payments Ltd (NIPL), the international division of the National Payment Corporation of India, and Fonepay Payment Service, the largest payment network in Nepal.

The agreement was inked during the Global Fintech Fest 2023, a meeting of innovators, thought leaders, and fintech visionaries from across the world.

With the use of the smartphone application approved by Fonepay and NPCI, millions of citizens in both countries will be able to simply and securely make immediate payments using QR codes at various retailers.

Both companies have completed their operational preparations, with technological integration now in its final stages. Following this, the companies will be ready to offer the service to their issuing and acquiring members, enabling consumers and merchants to enjoy the benefits of this service.

There is a belief in both countries that the strategic partnership between the two companies will significantly enhance the digital payments ecosystem in both countries and serve as a pivotal milestone for expanding their presence in the international market.

“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,” said the chair of Fonepay and President of F1Soft Group, Biswas Dhakal.

Speaking on the same occasion, NIPL representatives 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.”