Fonepay and LankaPay Sign MOU for Cross-Border Interoperable Payment System
The collaboration would allow Sri Lankan Citizens traveling to Nepal (and vice versa) to make instant payments by QR to the various merchants of their respective networks.
KATHMANDU, Nepal, June 2, 2023 (Newswire.com) - Fonepay, Nepal's Largest Payment Network announced a partnership with Sri Lanka's National Payment Network, LankaPay to collaborate in developing an interoperable digital payment system that enables users to transact seamlessly across the two countries. With the integration of these payment networks expected to complete in the next three months, Sri Lankan and Nepali citizens can make merchant payments in each other's country through mobile-based QR code payment method easily, seamlessly, and securely.
Fonepay and LankaPay are pioneers and leading Digital Payment Networks in their domestic markets serving millions of citizens, businesses, banks, FinTechs, and government with payment technology infrastructure and payment programs like mobile app-based electronic fund transfers, mobile-based QR payments, online bill payments, etc.
The MOU was signed by the CEOs in an event witnessed by Chief Guest, Ms. B. Nilusha Dilmini, Charge d'Affaires, Sri Lanka Embassy in Kathmandu, and representatives from the banking and payment service industry and prominent Nepali media.
Welcoming the guests and delegates, Mr. Diwas Kumar Sapkota (CEO, Fonepay) said, "This collaboration signifies our commitment to leveraging technology to unlock new opportunities, enhance financial inclusion, and create a thriving digital economy."
Equally elated about this collaboration, Mr. Channa de Silva (CEO, LankaPay) mentioned, "This marks a significant milestone in our mission to revolutionize digital payments in our country. It reflects our shared vision of creating a seamless and inclusive payment ecosystem for our customers."
Mr. Daniel D. Shrestha, Director of Group Strategy of F1Soft Group (parent company of Fonepay) expressing the group's intent to go global, said, "This initiative is part of our strategy to replicate the successes we have jointly achieved along with our partner BFIs since our inception in 2004 in Nepal, now outside of Nepal."
F1Soft Group has already started making concerted efforts towards offering products and service lines of F1Soft and its subsidiaries, in the areas such as omnichannel banking through its products, digital lending through Foneloan, and other digital payment solutions to emerging markets outside Nepal.
Chairperson of Fonepay and President of F1Soft Group, Mr. Biswas Dhakal, in his closing remarks said, "This marks a historical step towards achieving interoperability in the digital payment space not only for Fonepay but for the entire country. The interoperability between Fonepay and LankaPay is not just about convenience; it is a catalyst for economic growth. We would like to thank the Central Bank of Nepal for its support in realizing our ambition to establish a cross-border payment network with Lankapay. We also urge the two governments to work on intensifying efforts to increase cross-country tourism, trade, and commerce now that we will have a foundation of interoperable payment systems between the two countries."
Source: Fonepay
