In a groundbreaking move towards expanding its footprint regionally, LankaPay, the National Payment Network of Sri Lanka recently signed an MoU with Fonepay, Nepal’s Largest Payment Network. The collaboration would enable Sri Lankan citizens traveling to Nepal (and vice versa) to make mobile based QR payments at merchants connected to the respective networks conveniently. With the integration of the two payment networks expected to be completed in the next few months, Sri Lankan and Nepali citizens will be able to make QR based merchant payments in both countries conveniently, seamlessly, and securely.
LankaPay, as the pioneering payment network in Sri Lanka that has been in the forefront of introducing payment technology innovations, is now aggressively pursuing to expand its global footprint as the next phase of its illustrious journey. In its quest to become one of the most regarded regional payment networks, LankaPay aims to provide seamless payment experience to its customers through these collaborations. The organization is currently working with several other leading domestic payment networks to enable cross-border payments across the region.
Signifying this partnership towards developing an interoperable digital payment system that enables users to transact seamlessly across the two countries, an MoU was signed at a ceremony held recently in Nepal under the patronage of 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.
Mr. Channa de Silva, CEO – LankaPay addressing the gathering said “With this strategic partnership, we aim to leverage our combined expertise in technology to empower the people of both nations. Co-operation of two great entities will open doors to new opportunities for businesses, drive economic growth and enhance financial inclusion for individuals both in Sri Lanka and Nepal.”
Speaking of this partnership 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.”
Mr. Daniel D. Shrestha, Director of Group Strategy of F1Soft Group, the 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.”
Chairperson of Fonepay and President of F1soft Group, making the concluding remarks stated Mr. Biswas Dhakal “This marks a historical step towards achieving interoperability in the digital payment space not only for Fonepay, but also for the entire country. The interoperability between Fonepay and LankaPay is not just about convenience; it is 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.”
Fonepay is Nepal’s leading Payment System Operator, facilitating inter-bank person-to-person (P2P) and person-to-merchant (P2M) transactions. Fonepay is regulated by Nepal Rastra Bank (NRB) and it is also Nepal’s first non-card based PSO to achieve PCI DSS Certification. A subsidiary of F1Soft Group, Fonepay is an ISO 27001:2013 certified payment service operator which aims to drive efficiency in operations and widen the reach of payment systems through technology innovations.