Fonepay, LankaPay link up for cross-border, harmonised system

Fonepay in Nepal and LankaPay in Sri Lanka are 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 expect to 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 two companies signed a memorandum of understanding for the purpose of this collaboration.

”This collaboration signifies our commitment to leveraging technology to unlock new opportunities, enhance financial inclusion, and create a thriving digital economy,” said Diwas Kumar Sapkota, CEO of Fonepay.

Channa de Silva, CEO of LankaPay, said the partnership marks a significant milestone in their mission to revolutionise digital payments in Sri Lanka. 

“It reflects our shared vision of creating a seamless and inclusive payment ecosystem for our customers,” said de Silva.

FonePay parent firm 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.

Fonepay chair and F1Soft president Biswas Dhakal said the interoperability between Fonepay and LankaPay is not just about convenience but also a catalyst for economic growth. 

“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,” he said.