FoneTag: Everest Bank Enables Offline Digital Payments for Users

Everest Bank, a joint venture partner with Punjab National Bank India, has collaborated with Fonepay, Nepal’s largest payment network, and launched FoneTag, the first-of-its-kind offline digital payment solution in the Nepali market.

FoneTag is an offline payment solution that enables customers to make merchant payments by presenting an NFC tag or a CPQR (customer-presented QR code) from the mobile banking app, even in areas with limited or no internet connectivity.

As part of this launch, customers can receive a 20% cashback, up to a maximum of Rs. 500, when using FoneTag at various merchant outlets.

The limit for offline transactions is Rs. 5,000 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 smartphones. Mobile phones that do not have NFC (Near-field communication) can use the CPQR code.

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Everest Bank has taken the initiative to launch a digital payment solution in fully offline mode. This approach has the potential to encourage the adoption of digital payments in regions with poor network connectivity, including smaller towns and rural areas.

In urban areas, the system could facilitate cashless payments during large public events, fairs, and exhibitions and cater to customers who prefer not to use mobile data or public Wi-Fi services.

Expressing his excitement about 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 issues 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 about 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.”

To gain a comprehensive understanding of this offline payment service and gather all relevant information, both customers and merchants are encouraged to reach out to Everest Bank.

(Press Release)