KATHMANDU: Fonepay, Nepal's largest payment system operator (PSO), achieved a significant milestone by successfully settling over Rs 10 billion in transaction volume in a single day on October 17 during Dashain festival.
Fonepay is Nepal's first mobile payment network licensed by the central bank as a PSO. The company established in 2019 has been continuously moving forward in terms of innovative services, impact and infrastructure. In the first year of the operation, the company got almost all the banks and financial institutions (BFIs) to join its network.
While introducing QR technology for the first time in Nepal, Fonepay has ensured the development of a merchant-friendly system, keeping in mind both cost and operational aspects compared to point of sale (POS) infrastructure. Fonepay strives to introduce new features and implement them.
Meanwhile, Fonepay has a market share of 99% in the peer-to-merchant (P2M) transactions section and 62% in the peer-to-peer (P2P) payments section in Nepal. It is in the leading position among other payment operators in the country.
Achieving such market dominance while complying with compliance and regulatory requirements in such a short period of time reflects the company's growth mindset and also shows its continuous efforts to provide users with simple, secure and instant payment solutions.
Fonepay CEO Diwas Kumar expressed his excitement reacting to this achievement and shared, “This achievement is a matter of great pride for us. Our collective efforts to empower digital payments in Nepal have been fruitful. We have prioritised 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.”
Through its massive capacity to settle more than Rs 10 billion transactions in a single day, the company has made a huge impact on Nepal's digital payment transformation. Fonepay has emerged as the most preferred payment operator for customers in Nepal as the company has been constantly improving its services and adding new features.
