Following this announcement, the virtual card can be issued instantaneously via the mobile banking apps of Fonepay's partner FIs and is accepted at multiple merchants and businesses. The product was developed in order to provide a secure, flexible, and cost-effective digital credit solution for Nepal’s financial institutions (FIs), offering a strong local alternative to those offered by international card networks.
Fonepay will process transactions made with the card through its ‘Fonepay’ mobile payment scheme, aiming to make the procedure easier for users and companies alike. In addition, the firm will also continue to focus on meeting the needs of customers and clients in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
The launch of the virtual credit card follows Foneplay’s receipt of a domestic credit card scheme license from Nepal Rastra Bank, the central bank of Nepal. The project has a strict timeline and it was delivered on time through the expertise and collaboration between Fonepay, Compass Plus Technologies, and local partner Pregasus, all working in alignment with the central bank’s regulatory framework.
At the same time, Foneplay is planning to roll out additional solutions by utilising Compass Plus Technologies software, including physical card products and third-party processing services for international card networks. The new products are expected to further enhance its offering, positioning Fonepay as a strong domestic operator and international player for cross-border payment integration. The company will also focus on optimising the customer experience, while further accelerating the development of the overall financial landscape as well.
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