FonePay has launched a virtual credit card, which can be withdrawn from the mobile banking app
FonePay Payment Service Limited has launched Nepal’s first domestic credit card network. Under the domestic credit card network, FonePay has launched a fully digital credit card for the first time in Nepal in collaboration with Citizens Bank International Limited.
Under the FonePay card scheme, Nepal’s banks and financial institutions can offer their customers fully digital credit cards (FonePay Virtual Card) through mobile banking apps.
Citizens Bank International Limited has become the first bank in Nepal to issue such a card. Citizens Bank’s mobile banking app lets customers access this credit card facility.
Under Nepal’s domestic card scheme project envisioned by Nepal Rastra Bank, this institution will start operating the FonePay credit card scheme as per permission received from Nepal Rastra Bank.
FonePay believes that this FonePay credit card will redefine the card payment industry in Nepal. According to Phonepay, the credit card will be fully digital onboarding and issuance and can be used seamlessly at the locations of about 1.4 million merchants currently affiliated with Phonepay QR.
Diwas Sapkota, CEO of FonePay, said he is excited to introduce the FonePay card scheme as a new means of payment in Nepal. With its easy access and strong security features, this service will redefine the way customers manage their finances and conduct business, he said.
FonePay is a regulated and licensed payment system operator by Nepal Rastra Bank that facilitates inter-bank person-to-person (PTUP) and person-to-merchant (PTM) transactions through its interoperable network and mobile platforms.
