Fonepay hits a significant milestone: In a Single Day Fonepay Settles Transactions of Rs 10 billion

Fonepay: Nepal’s first mobile payment network granted by a Payment System Operator (PSO). Fonepay is a Payment Processing Network facilitating between banks and person-to-merchants transactions via our mobile platform and interoperable Network.

                             Fonepay: First Mobile Payment Network

Fonepay settles 1o billion+ transactions on a single day

Nepal’s first payment network, Fonepay embarks on a historical milestone by successfully processing retail payment transactions worth over NPR 10 Billion in a single day on October 17, 2023, during the Dashain Festival.

In response to this achievement, Fonepay CEO Diwas Kumar expressed his excitement saying, “This achievement is a matter of great pride for us. Our collective efforts to empower digital payments in Nepal have been fruitful. We have prioritized the needs of our customers and have accordingly been moving towards the goal of further expanding our payment solutions. I would like to thank the BFIs and our regulators who have supported us”.

The company was established in 2019 and has been consistently growing in terms of innovative services, impact, and infrastructure. The company nearly got all the banks and financial (BFIs) into its network during its first year of business.

Fonepay’s huge capacity to settle over Rs 10 billion transactions in a single day has had a significant impact on Nepal’s digital payment transformation.

How has Fonepay helped us with transactions?

Fonepay QR is EMV regulation which is the most widely used standard for QR Payments.

1. Fonepay aims to provide bank and wallet customers with fast, secure, and reliable cashless payment options through their mobile phones.
2. Using a customer-centric and technology-driven approach, it makes financial services simple, and affordable.
3. Customers can find the Fonepay Scan N’Pay feature on mobile banking apps and digital wallets which let them make payments.
4.  Also, you can earn points, by making transfers and payments.

Lastly, Fonepay has become the top option for customers looking for easy payment, as it has constantly improved its services and feature additions.

How to use the Fonepay Merchant App? [Updated 2024]

• First, go to your mobile’s Play Store and download the Fonepay Merchant App.
• After installation, open the app and log in with the details provided by Fonepay via SMS.
• You can see the Merchant Name, Bank Account Number, Balance Amount, and Payment Details on your homepage.
• Details of all payments can be found in the “Payment Details” tab.
• By going to the “Transfer to Bank” tab, you can transfer the amount in your Fonepay Wallet to your bank account
• In the “Others” tab you can find many options like Statement, Withdrawl, Log, and Settings.
• On “Statement”, you can see the transaction details according to the date you want.
• On “Activities”, you can see which device you are logged in from.
• On “Withdrawal Log”, You can see the details about the amount transferred to the bank.
• You can change your passwords by clicking in the “Change password” Menu.
• On “Fingerprint Setting”, you can enable\disable your Biometric Login.
• Exit from the Merchant App by clicking on the Logout Menu.

FAQs

When was Fonepay established in Nepal?

The Fonepay Merchant App was started in Nepal on October 1, 2019.

Who is Fonepay Nepal’s CEO?

Diwas Kumar Sapkota is the CEO of Fonepay Nepal.

Does Fonepay charge Transaction fees?

Fonepay charges Rs 10 for each transaction, but only when the sender’s bank is different from the recipient’s bank.

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Sandika Rijal

Hi, I’m Sandika Rijal, and I have been working as a Content Creator for the last 2 years. I will be writing about my beautiful country Nepal, and its famous places, and people. Hope you will enjoy reading my articles!