Fonepay partners Compass Plus Technologies to launch Nepal’s first virtual credit card
Fonepay, the largest integrated payment network in Nepal, has debuted the country’s first virtual credit card developed in partnership with UK-based fintech Compass Plus Technologies.
Fonepay has launched Nepal’s first virtual credit card
Founded in 2019, Fonepay enables person-to-person and person-to-merchant payments with a network of over 60 financial institutions, reaching more than 20 million customers and 1.5 million merchants.
To power its virtual credit card, Fonepay has deployed Compass Plus Technologies’ TranzAxis solution, which the vendor says facilitates payments across both local and global networks and supports “the entire online payments lifecycle”.
Looking ahead, Fonepay plans to expand its partnership with Compass Plus Technologies, leveraging its software to introduce additional features including third-party processing for international card networks and physical card products.
The launch of Fonepay’s new card offering follows the company’s receipt of a domestic credit card scheme licence from Nepal Rastra Bank, the country’s central bank.
The company says that the virtual cards “can be issued instantaneously via the mobile banking apps of Fonepay’s partner FIs”, adding that it “processes transactions made with the card through its ‘Fonepay’ mobile payment scheme”.
Fonepay claims that two unnamed “major local banks have already adopted the service, with a third set to join soon”.
