Yesterday June 1, 2023, Fonepay Nepal’s largest payment network announced the signing of an MoU with Sri Lanka’s National payment network LankaPay to enable digital cross-border payment across the two countries. Therefore in this article, we will be discussing Fonepay and lankaPay collaboration and its advantages.
What is Fonepay and LankaPay Collaboration?
Fonepay and Lankapay is a strategic partnership to revolutionize the digital payment landscape by developing a cross-border digital payment system that enables users to transact seamlessly across the two countries Nepal and Srilanka.
Advantages of Fonepay and LankaPay Collaboration
Now after the collaboration of Fonepay with LankaPay Nepali Citizens traveling to Srilanka can easily make payments with Fonepay by authorized payment applications. Whereas Sri Lankan citizens will also be able to make instant payments by QR through the various merchants of the Fonepay network by using the mobile application authorized by LankaPay.
Therefore all the travelers who are currently using either of the network’s applications (Fonepay/ lankaPay) can make the cross-border payment across merchants of these two networks in an affordable and convenient manner.
What happened at Fonepay and LankaPay Collaboration Event?
Mr. Diwas Kumar Sapkota the CEO of Fonepay and Mr. Channa de Silva the CEO of LankaPay in the presence of the Chief Guest Mrs. B. Nilusha Dilmini, Charge D’Affaires and head of the chancery SriLanka Embassy in Kathmandu Mr. Daniel D.Shrestha director of a group strategy, F1soft group and Mr. Biswas Dhakal chairperson, Fonepay and president F1soft group signed a Memorandum of understanding (MOU).
Fonepay is a subsidiary of the F1Soft Group with an ISO 27001:2013 certified payment service operator in Nepal. Moreover, the Fonepay payment system operator facilitates inter-bank person-to-person (P2P) and person-to-merchant (P2M) transactions through its interoperable network and mobile platforms. Whereas Fonepay is regulated by Nepal Rastra Bank (NRB) and was the first mobile payment network to be licensed by NRB as Payment System Operator (PSO).
LankaPay is Srilanka’s national digital payment network facilitating secure and efficient transactions across various financial institutions and payment service providers in the nation. Moreover, LankaPay was established in 2002 and is owned & operated by LankaClear (Pvt) Ltd which is a joint venture between the Central Bank of Srilanka and commercial banks.
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BTW What is your thought on the Fonepay and LankaPay Collaboration? Do comment below.