Visa users can now pay by scanning PhonePay’s QR code. For that, Visa and PhonePay have partnered on Thursday. Along with this, foreign tourists who have joined the Visa network can do business in Nepal by scanning the QR code of PhonePay.
Founded on March 6, 2004, Fwan Soft celebrated its 18th anniversary just a few days ago. The company organized the PhonePay and Visa launch event on March 10, 2022.
Urja Newa played the role of moderator in the program. Now, due to the agreement between Visa and Phonepay in Nepal, Scan to Pay service can be taken. Manny McKiller, Deputy Chief of Mission of the US Embassy, and Biswas Dhakal, President of Efwan Soft, officially started the program by lighting a lamp at the Panas as guests in this visa and phonepay lunch program. Then Divas Sapkota, Assistant Chief Executive Officer of PhonePe, also spoke about the success of PhonePe while giving a welcome speech at the event.
He has been associated with the company since its inception. He said that PhonePay has been successfully expanding its products and services in Nepal in the last three years. Phonepay also said that its products and services like QR payment, fund transfer and online payment are trying to reach every Nepali. Sapkota said, ‘For the last two years, we have been working with Visa to bridge the gap between the Nepali and international markets.
We have also brought Visa to Visa Scan to Pay service to you from the PhonePay network.’ Sapkota also expressed the belief that this agreement will make it easier for micro and small businesses to receive digital payments. He said that PhonePay has worked on this project for the development of safe, fast, cheap, easy and secure infrastructure.
He believes that this agreement will make it very easy for tourists to pay for anything when they visit Nepal. He said that now users with Visa cards can scan and pay at any shop. He also revealed that PhonePay has included financing for more than 6 lakh businesses to receive digital payments.
He said that this number will increase even more in the coming days. Divas Sapkota believes that this project will help advance the idea of a cashless society in Nepal.
Sapkota also expressed commitment that PhonePay will work closely with BFIs, PSPs and banks to strengthen contactless QR payments.
He also expressed his heartfelt support to the Governor of Rashtra Bank and the entire Rashtra Bank family, Nabil Bank and Visa team.
After that Soumya Basu, country manager of Visa, gave a speech in the program. He has been associated with Visa since 2016 and is in charge of the overall management, strategy development and implementation of Visa in the South Asian countries of Nepal, Bangladesh and India.
He said, ‘Visa is trying to connect the world with a safe and reliable network. Visa is a trusted network and we are the number one payment network. We are trying our best to connect people to the global economy and it is with this intention that we entered into an agreement with PhonePay. Basu also said that Visa has been in Nepal for more than 25 years and this agreement is a milestone for Visa.
He also thanked Rashtra Bank and Nabil Bank. He also said that he was happy to see that PhonePe had onboarded a country with a population of around 30 million people and was working together. He also disclosed the data that there are about 9 million cardholders of Visa in Nepal.
He revealed that those who previously had a Visa card and in the future cardholders can use the Scan to Pay app powered by Visa. As it is a tourist country, Basu said that this agreement will help a lot when tourist arrivals start in Nepal as before. He said that tourists will have the opportunity to do even the smallest transactions through Visa card without using cash.
Anil Keshari Shah, Chief Executive Officer of Nabil Bank, gave a speech in the program. He started his banking journey through Standard Charter in Nepal where he gathered 13 years of experience.
He has been working as the Chief Executive Officer of Nabil Bank since 2018. He spoke about the importance of international cooperation and how it is conducted. He made his point through presentation slides.
It was remembered that he was one of the team working to bring visa card to Nepal when he was at Greenless and now Standard Charter Bank.
He also shared his experience of taking a card machine and running around the shops and persuading the merchants to use it. At that time, it was difficult to explain the concept of Visa card to Nepalese people and businessmen could not understand why they would use the card without money and now seeing that there are about 9 million visa card holders in Nepal, we feel that we have come a long way.
He says that visa cards will now be available in villages, so it will be easier for tourists to buy some things. “As long as there was cash, tourists could only spend a limited amount, but now if they have a card, they will be more encouraged to buy goods from local businessmen as they will not be afraid of running out of money.” Keshari Shah said.
He said that this is a revolutionary moment for Nepal. Phonepay has made it possible for every Nepali to go to small vendors and pay through QR code. “It is my dream that QR service will be available soon in the hot bazaar in various villages of Nepal and I believe it will be possible soon.” Keshari Shah said. Keshari Shah also said that it would not be possible to provide QR service in Nepal without Rashtra Bank Governor Mahaprasad Adhikari.
Guru Prasad Paudel, Executive Director, Department of Payment Systems, Nepal Rastra Bank
The partnership between Visa and PhonePay as a payment facilitator will play an important role in developing the overall landscape of Nepal’s payments industry.
This day may mark another milestone for Nepali payment system. It is a matter of pride to cooperate with the Nepalese payment system operator PhonePay, the world’s leading card network like Visa.
I am confident that this collaboration, initiated with the aim of facilitating QR-based payments by integrating Swing applications such as Visa card and mobile banking, will provide new achievements in operable services to the common people of Nepal in the future.
It will be easier for Nepal to pay for the purchase of goods and services. We expect more tourists to come to Nepal.
Such a partnership will make it easier for tourists to pay. Also, since this partnership is in line with the regulation of interoperability issued by Nepal Rastra Bank about a month ago, I believe that it will also contribute to enabling interoperability in payments. Appreciating the contribution of Visa and PhonePay in promoting digital payments in Nepal, I believe this collaboration will help us achieve our goal of establishing a cashless society and reducing costs and mitigating risks.
Phonepay has taken the initiative of pre-MDR and Nepal Rastra Bank has welcomed this initiative to digitally transform Nepal’s economy. We request all QR operators or licensees to subsidize fees for a few years as part of the digital initiative.
I hope this deal will not increase the cost to the general public and the system as a whole. I believe it has considered the importance of data routed within the country in QR payments as well.
Manuel Mischler, Deputy Chief of Mission, US Embassy
This collaboration between Visa, an American multinational financial services corporation and PhonePay, a digital payment processor, provides mobile, digital payments to consumers, banks and merchants on an interactive network.
We at the American Embassy are really happy to see the business relationship between Nepal and the United States. Visa is one of America’s most recognizable brands and since its inception in 1958, it has become almost everyone’s favorite brand.
It remains relevant through continuous innovation and leadership in financial and payment technologies. Visa also has a long distinguished history of corporate social responsibility and has become a model for other companies. This tradition continues today.
We applaud the Ukrainian people’s major decision to suspend operations in support of Russia. And we thank Visa CEO, Kelly, for leading the private sector on this issue.
I am delighted with this collaboration between Visa and PhonePe. Creating sustainable economic growth is one of the US Embassy’s top priorities.
If Nepal is to advance its economy, the private sector must play a leading role and the country must become more welcoming to foreign direct investment.
We would like to see more US companies providing visa-like services to Nepali people in Nepal. Attracting quality foreign investors and products and services requires a supportive and stable business and investment environment as we all know that foreign investment creates jobs, increases competition, improves the quality of products in the market and helps create economic opportunity for all. And it will benefit both Nepal and America.
Vishwas Dhakal, Chairman, Fvansoft Group
fvansoft has been in banking technology for the past 18 years. When we started developing mobile financial services, mobile banking products we prioritized processing payments locally. And that’s how PhonePe started. Two and a half years ago, almost 3 years ago, we came up with the PhonePay brand to enable all financial institutions, all payment companies to do interoperable transactions internally.
We had a vision to build phone payments as an interactive platform. There is always a famous brand or a famous company in the world that we follow. It teaches essential skills like how to provide quality service, how to deliver. So Visa has always been that brand for us.
So, today PhonePay not only processes transactions all the time, but all the guidelines, all the standardization, all the mechanisms that we have developed, almost everything is based on the Visa standard. That’s why this project is so close to our hearts. And this project presents us today as a showcase.
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