Everest Bank, a joint venture partner with Punjab National Bank India, has collaborated with Fonepay, Nepal’s largest payment network and launched the first of its kind offline digital payment solution, also known as ‘FoneTAG’ in Nepali market. FoneTAG is an offline payment solution that enables customers to make merchant payments by presenting NFC tag or a CPQR code (customer presented QR code) from mobile banking app even in areas with limited or no internet connectivity.
The limit for offline transactions is Rs. 5000 per transaction. The service is accessible to all Everest Bank customers through their mobile banking app. Currently, this service is accessible on NFC enabled Android smart phones. Mobile phones that do not have NFC can use CPQR code (customer presented QR code).
Everest Bank is the first bank to launch a digital payment solution in a completely offline mode. This can boost adoption of digital payments even in smaller towns and rural areas with poor network connectivity, while in the urban centers, it can enable cashless payments during large public events, fairs and exhibitions and even to those customers who are reluctant to activate data or connect to public Wi-Fi service.
Expressing his excitement on this initiation, Ashutosh Sharma, Deputy General Manager of Everest Bank said, ‘Through this service, Everest Bank has added new dynamism to customer convenience and undertaken the much needed customer centric approach to address one of the prominent issue in digital payments. FoneTag’s seamless integration into our banking ecosystem empowers our customers to embrace a secure and convenient digital payment experience, underscoring Everest Bank’s dedication to staying at the forefront of technological advancements. We are excited to embark on this journey with Fonepay and bring a new era of effortless and secure transactions to the forefront of banking in Nepal.’
Equally elated on this collaboration, Diwas Kumar Sapkota, CEO of Fonepay, said. “Fonepay is proud to launch its groundbreaking offline digital payment solution, Fonetag, aligning with our commitment to innovation and convenience. We extend our heartfelt gratitude to Everest Bank for joining hands with Fonepay to introduce the revolutionary offline payment solution in Nepal. This collaboration exemplifies the power of unity and shared vision, and we look forward to collectively shaping a cashless future that benefits individuals and businesses across the nation.’
With this launch, customers can now enjoy cashbacks of 20% upto Rs 500, while initiating FoneTAG at various merchant outlets. Customers and merchants can reach out to Everest Bank for a comprehensive understanding of this service and acquire all relevant information and explore the advantage of this cutting-edge offline payment service.