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HomeFEATUREDA New Revolution in Digital Payments: Governor Official

A New Revolution in Digital Payments: Governor Official

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In Nepal’s leading shopping center Bhatbhateni Super Market, it is now possible to pay for the purchase of goods by scanning the QR code through PhonePay. Along with this, while earlier it was mandatory to pay the purchase amount through cash or card, now the consumer can pay the amount through the mobile phone. Nepal Rastra Bank Governor Mahaprasad Adhikari inaugurated the QR code during a program at Bhatbhateni Super Market in Tangal on Thursday.

A QR scan has been placed through Prabhu Bank in Bhatbhateni. The phonepay system has also been upgraded in the IMS software used for billing in Bhatbhateni. From which the amount can be paid by scanning the mobile banking app and IME Pay and CellPay of the banks and financial institutions connected to the network of Iseva or PhonePay.

Speaking at the event, the governor gave credit to phonepay and banks and financial institutions for making this campaign of digital transactions a success. In the program, he said, “After 1 year of the QR campaign, cash transactions are decreasing. Bhatbhateni has also been added to the campaign to create digital Nepal.Speaking at the event, the governor gave credit to phonepay and banks and financial institutions for making this campaign of digital transactions a success. In the program, he said, “After 1 year of the QR campaign, cash transactions are decreasing. Bhatbhateni has also been added to the campaign to create digital Nepal.In a similar event, PhonePe President Biswas Dhakal said that cooperation with Bhatbhateniko will be another milestone in the campaign of digital transactions.

Similarly, the chairman of Bhatbhateni, Min Bahadur Gurung, said that a discount offer was also given to promote cashless payment. He said that within 2 years, Bhatbhateni plans to make 75 percent of the total business from QR. Gurung said that he is now verbally informing 40,000 customers daily from 20 outlets about QR and its benefits.

Phonepay, which was established two years ago with the vision of Digital Nepal, currently has more than 525,000 merchants. More than one and a half million mobile banking users of banks and financial institutions and payment service providers have been transacting through PhonePay. During two years, 60 banks and financial institutions have joined the PhonePay network. PhonePe is a world-renowned data security standard ‘Payment Card Industry Data Security Standard’ PCI DSs v3.2.1 certified organization.

In a similar event, PhonePe President Biswas Dhakal said that cooperation with Bhatbhateniko will be another milestone in the campaign of digital transactions.

Even though the company had to stay in lockdown for a long time due to the covid-19 epidemic, it has succeeded in increasing the number of merchants in cooperation with various banks and financial institutions. At present, phonepay’s QR has increased from 50,000 daily transactions to more than 300 million transactions. Similarly, daily settlement of one billion rupees has been done through interbank money transfer, phonepay direct.

In terms of phone pay banking and merchant expansion, it has reached all the seven provinces of Nepal. PhonePay is a payment processing network that connects customers, banks and financial institutions, merchants, and governments in one Internet network. The PhonePay network has made mobile banking more efficient and convenient in everyday financial activities by making payments easy, secure and accessible to everyone.

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